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

Question

3 years ago

5

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%

Business

2 answers:

sergey [27] · Answer 1 · 2022-02-20T03:14:37+03:00

sergey [27]3 years ago

5 0

The answer & explanation for this question is given in the attachment below.

TANDUNG · Answer 2 · 2023-01-30T10:50:28+03:00

TANDUNG2 years ago

0 0

the final result is 7.62%