Question
You agree to make 36 periodic deposits of $400 per month at the end of each month into a saving account. At the end of
You agree to make 36 periodic deposits of $400 per month at the end of each month into a saving account. At the end of 3 years from now, you will be able to collect $20,000 in your account. If the saving account compounds the interest monthly, what is the nominal annual interest rate (APR) you are earning?
- A. 2%
- B. 5%
- C. 10.84%
- D. 21.55%
- E. 24%
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Essential Mathematics For Economic Analysis
Authors: Knut Sydsaeter, Peter Hammond, Arne Strom
4th Edition
0273760688, 9780273760689
