What Nominal Rate of Interest Is Earned by Monthly Deposits

question 91

Essay

What nominal rate of interest is earned by monthly deposits of $560.00 made for 6 years if the balance just after the last deposit is $52 700.00?

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Definitions:

Markup Percent

The fraction of the cost price of items increased to cover operational expenses and secure profit.

Cost

The amount of money required to purchase goods or services or the expenditure incurred in the production of goods.

Markup Percent

The rate applied on top of the buying price of goods to encompass overhead expenses and earn profit.

Cost

The amount of money or resources expended to acquire an asset, produce a product, or provide a service.