You agree to make 36 deposits of $600 at the beginning of each month into a bank account. At the end of the 36th month, you will have $24,500 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning? 7.36% 8.04% 6.43% 7.45% 6.78%
You agree to make 36 deposits of $600 at the beginning of each month into a bank account. At the end of the 36th month, you will have $24,500 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning? 7.36% 8.04% 6.43% 7.45% 6.78%
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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