Agree to Make 24 Deposits of $500 at the Beginning

question 47

Multiple Choice

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%

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Definitions:

Through

In manufacturing or design, "through" often refers to a feature or hole that extends entirely through the material or part.

Physical Templates

Tangible patterns or models used in manufacturing to accurately guide the creation of parts or to inspect dimensions.

Electric

Pertaining to, derived from, produced by, or involving electricity.

Practical

Refers to an approach or solution grounded in reality, focusing on effectiveness and feasibility rather than theoretical perfection.