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 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? 6) 2.70% C) 32.45% D 25.68% L) 19.44%
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