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%

Question

Quizplus · Accepted Answer

BEGIN Mode
 $\begin{array}{lr}
\text { N } & 24 \
\text { PV } & \$ 0 \
\text { PMT } & \$ 500 \
\text { FV } & \$ 13,000 \
\text { I/MO } & 0.63 \% \
\text { I/YR } & 7.62 \%
\end{array}$

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