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You deposited $5,000 in a savings account at the beginning of a month that pays 4 percent nominal interest (APR), compounded quarterly, planning to use
You deposited $5,000 in a savings account at the beginning of a month that pays 4 percent nominal interest (APR), compounded quarterly, planning to use it to finish your last year in the MBA program. Some months later, you decide to go to the Rocky Mountains to become a ski instructor rather than continue in school, so you close out your account at the end of a month that is now worth $5307.60. How many months did you leave your money in the savings account (round to the nearest full month)? A. 16 D. 12 B. 18 C. 20
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