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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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