You Agree to Make 24 Deposits of $500 at the Beginning

question 5

Multiple Choice

You agree to make 24 deposits of $500 at the beginning of each month into a bank account.At the end of the 24^th 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:

Sales Message

The core information communicated by a salesperson to persuade potential customers of the value and benefits of a product or service.

Neutral

A stance or position of impartiality or no bias towards either side in a discussion, competition, or conflict.

Territorial Trespassing

The act of entering or encroaching on a property or domain without the owner's or the authority's permission.

Caution Signals

Indicators or signs that alert individuals to potential hazards or the need for careful attention.