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Tom plans to make 36 deposits of $700 at the beginning of each month into an RD account. At the end of the 36th month,

Tom plans to make 36 deposits of $700 at the beginning of each month into an RD account. At the end of the 36th month, you will have $30,967 in his account. If the bank compounds interest monthly, what nominal annual interest rate will earn?

Group of answer choices

13.73%

1.09%

1.14%

13.03%

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