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You plan to make 48 periodic payments of $400 per month at the end of each month into a saving account. If you are able
You plan to make 48 periodic payments of $400 per month at the end of each month into a saving account. If you are able to withdraw a lump sum of $15,711.70 today in return of these 48 future deposits, what is the nominal annual interest rate (APR) you are earning?
- A. 24%
- B. 10.2%
- C. 8.48%
- D. 5%
- E. 2%
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