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 $12,800 in your account.If the bank compounds interest monthly,what nominal annual interest rate will you be earning?
A) 7.20%
B) 5.41%
C) 6.09%
D) 4.86%
E) 6.15%
Correct Answer:
Verified
Correct Answer:
Verified
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