You are considering investing in a bank account that pays a nominal annual rate of 7%, 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 $200,000?

Step-by-step explanation:

This is a problem about compound interest, which formula is:

: Future value. ($200,000)

: Present value. ($3,000)

: Annual percentage rate (APR) changed into a decimal. (7%)

: Numbers of years. (?)

: Number of compounding periods per year (12)

Replacing all given values into the formula, we have:

Therefore, approximately 58 months to grow the account to $200,000.

5050 i think

step-by-step explanation:

check above link.

graphically?   well, you graph them both, the solutions is where they both intersect each other, since there are two solutions, meaning they will meet twice, or namely the linear will run into the quadratic curve twice, and where they meet, those x,y coordinates are the solutions to the system.