Question
You agree to make 24 deposits of P500 at the beginning of each month into a bank account. At the end of the 24th month,
You agree to make 24 deposits of P500 at the beginning of each month into a bank account. At the end of the 24th month, you will have P13,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?
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Financial and Managerial Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
11th Edition
9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895
