49.

You agree to make 24 deposits of $450 at the beginning of each month into a bank account. At the end of the 24th month, you will have $12,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?

a. 3.75%

b. 10.84%

c. 10.00%

d. 5.41%

e. 5.28%