You agree to make 24 deposits of Php500 at the beginning of each month into a bank account. At the end of the 24th month, you will have Php13,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning? a. 7.62% B. 8.00% C. 8.40% D. 8.82% e.9.26%

You agree to make 24 deposits of Php500 at the beginning of each month into a bank account. At the end of the 24th month, you will have Php13,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning? a. 7.62% B. 8.00% C. 8.40% D. 8.82% e.9.26%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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