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You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end of the 24thmonth, you

You agree to make 24 deposits of $500 at thebeginningof each month into a bank account. At the end of the 24thmonth, you will have $13,000 in your account. If the bank compounds interest monthly, whatnominalannual interest rate will you be earning?

Select the correct answer.

a. 9.02%b. 7.62%c. 4.82%d. 6.22%e. 10.42%

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