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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 $12,800 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?

a.

7.20%
b.

5.41%
c.

4.86%
d.

6.09%
e.

6.15%

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