Question: Multiple Choice Interest Rate Per Month Question Please explain and show work. You have $130,000 today and want to deposit it into a saving account

Multiple Choice Interest Rate Per Month Question

Please explain and show work.

You have $130,000 today and want to deposit it into a saving account at Houston Cougar Bank. The clerk at the bank says if you make a deposit today, then your balance in 6 years will be $190,000. Assume the bank computes the interest rate compounded monthly. What is the interest rate per month offered by the bank? 0.40% 0.43% 0.47% 0.50% 0.53%

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