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QUESTION 51 You've agreed to make 60 deposits of $1,000 at the end of each month into a bank account. By the end of
QUESTION 51 You've agreed to make 60 deposits of $1,000 at the end of each month into a bank account. By the end of the 60th month, your account will hold $80,000. With the bank compounding interest monthly, what nominal annual interest rate will you be earning? (Hint: Determine the monthly rate first. Then, calculate the nominal interest rate by multiplying the monthly rate by 12.) O 9.97% O 13.00% 11.06% O 11.23%
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
