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

question 4

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 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:

Amplify

To increase the volume, intensity, or scope of something.

Hearing Impairments

A range of conditions that affect an individual's ability to hear fully or partially, impacting communication and daily activities.

Magnitude

Describes the size, extent, or importance of an object, phenomenon, or effect.

Verbal Assessments

Evaluations that involve spoken questions and answers to gauge an individual's knowledge, skills, or psychological state.