Melissa agrees to make 12 deposits of $600 at the beginning of each month into a bank account. At the end of the 12th month, Melissa will have $8,284.50 in her account. If the bank compounds interest monthly, what nominal annual interest rate will Melissa be earning? (E) 32.45% I1 2.70% I' 1 25.68% I' 3' 19.44% Excel: = RATE(nper,pmt,pv,fv,type,guess) nper= number of months that Melissa will make deposits pmt= Melissa's monthly (a cash outflow) pv= Melissa's account balance; Melisa starts from nothing. fv= The amount that Melissa would like to have in her account at the end of 12 months type= 1 since the payments (deposits) come at the beginning of the period. The "RATE" function prompts you to make a guess. In many cases, you can omit it. Here you can simpy omit it as we illutrated in the PPT and the lectures. The rate you obtianed is the monthly rate; to get the annual rate we, have to multiply the monthly rate by 12