Question
You agree to make 36 deposits of $600 per month in the beginning of each month into a bank account. At the end of the
You agree to make 36 deposits of $600 per month in the beginning of each month into a bank account. At the end of the 36th month, you will be able to collect $24,000 in a lump sum on your account. If the bank compounds interest monthly, what nominal annual interest rate (APR) will you be earning?
- A. 5.62%
- B. 6.74%
- C. 7.62%
- D. 8.26%
- E. 12%
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The Ascendancy Of Finance
Authors: Joseph Vogl, Simon Garnett
1st Edition
1509509305, 978-1509509300
