Solved: Investing your money in a bank account, Accounting Basics

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Investing your money in a bank account

Question: Need step by step explanations on how to solve the problem below with a BA II calculator:

Please show me how to solve. Thanks!

Problem: You are currently investing your money in a bank account which has a nominal annual rate of 9 percent, compounded monthly. If you invest $900 at the end of each month, how many months will it take for your account to grow to $301,066.27 (rounded to the nearest month)?

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Accounting Basics: Investing your money in a bank account

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Accounting Basics: Investing your money in a bank account

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