Determine the nominal interest rate compounded monthly

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The Central Bank pays 3.6% compounded monthly on certain types of deposits. Jerry made a deposit of $300 into a bank account earning interest for 60 months (or 5 years). The balance at the end of the 60 months (or 5 years) is $372.21. Determine the nominal interest rate compounded monthly that was charged by the bank.

Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with four decimal places or .0001%, and there is no need to include unit in your final answer.

Reference no: EM132839332

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