You agree to make 24 deposits of Php500 at the beginning of each month into a bank account. At the end of the 24th month, you will have Php13,000 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%
You agree to make 24 deposits of Php500 at the beginning of each month into a bank account. At the end of the 24th month, you will have Php13,000 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%
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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You agree to make 24 deposits of Php500 at the beginning of each month into a bank account. At the end of the 24th month, you will have Php13,000 in your account. If the bank
a. 7.62% B. 8.00% C. 8.40% D. 8.82% e.9.26%
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