If interest on a savings account is paid monthly at an annual rate of 6(1/4) percent and if the interest is not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

If interest on a savings account is paid monthly at an annual rate of 6(1/4) percent and if the interest is not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

A 36

B 24

C 18

D 16

Solution

Correct Answer: Option D