You Agree to Make 24 Deposits of $500 at the Beginning

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 24^th 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%