Calculate the interest rate per month offered by the bank

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Reference no: EM131913137

Please explain and show work.

You have $130,000 today and want to deposit it into a saving account at Houston Cougar Bank. The clerk at the bank says if you make a deposit today, then your balance in 6 years will be $190,000.

Assume the bank computes the interest rate compounded monthly.

What is the interest rate per month offered by the bank?

Reference no: EM131913137

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