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?
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?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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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
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