Compute nominal annual interest rate

Reference no: EM1356801

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%

Reference no: EM1356801

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