Multiple Choice
You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end of the 24th month, you will have $13,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?
A) 7.62%
B) 8.00%
C) 8.40%
D) 8.82%
E) 9.26%
Correct Answer:
Verified
Correct Answer:
Verified
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