Question
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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The Wealthtech Book The FinTech Handbook For Investors Entrepreneurs And Finance Visionaries
Authors: Susanne Chishti, Thomas Puschmann
1st Edition
1119362156, 978-1119362159
