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You make 24 deposits of $504 at the beginning of each month into a bank account. At the end of the 24th month, you will
You make 24 deposits of $504 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?
5.4%
6.16%
7.22%
4.79%
6.08%
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