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What the investment effective annual rate is

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Reference no: EM132603948

You are considering an investment in a bank account that pays an interest rate of 15% p.a. compounded monthly. You decide to invest $971.09 at the end of each month and would like your account to grow to $50,000. You want to find out how many monthly payments you need to contribute.

Question 1: Which TVM variable in the financial calculator should be set equal to zero when solving for the number of payments?

Question 2: How many monthly payments would it require for your account to grow to $50,000?

Question 3: The investment's effective annual rate is __%.

Question 4: If the interest is compounded annually instead of monthly, for how long (in years) can your account grow to $50,000?

Reference no: EM132603948

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