You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end of the 24th month, you will have $13,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?
A. 8.91%
B. 6.63%
C. 8.00%
D. 5.79%
E. 7.62%
Answer: E
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