You are considering investing in a bank account that pays a nominal annual rate of 14.03% compounded monthly. if you invest $3,000 at the end of each month, how many months will it take for your account to grow to $150,000?

Approx. 336 months

Step-by-step explanation:

Rate of interest = 14.03%

No. of compounds per year = 12

Let t be the time in years

Amount =  $150,000

Principal = $3,000

Formula :

S, time is approximately 28 years

1 year = 12 months

So, 28 years =

28 years =

Hence it will take approx. 336 months for your account to grow to $150,000