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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 24th month,

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

a) Use the formula and explain all your work.

b) Use the financial calculator and explain what number you used to get final answer.

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