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

question 44

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 $12,800 in your account.If the bank compounds interest monthly,what nominal annual interest rate will you be earning?

• A) 7.20%
• B) 5.41%
• C) 6.09%
• D) 4.86%
• E) 6.15%

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Definitions:

Antecubital Vein

A prominent vein located in the front of the elbow, often used for drawing blood or administering intravenous therapies.

Venipuncture Sites

Specific locations on the body, typically veins in the arms or hands, where a needle is inserted to draw blood or administer treatments.

Distal Vein

A vein located away from the center of the body or point of attachment.

Proximal

An anatomical term referring to structures closer to the center of the body or to the point of attachment.