Question: The effective interest is 2 . 5 1 per month. What is the nominal interest rate per year? Express your answer as a percentage rounded

The effective interest is 2.51 per month. What is the nominal interest rate per year?
Express your answer as a percentage rounded to the nearest one-hundredth decimal place (for example, enter 15.47 for an answer of 15.4695236%)
4
$400 is deposited monthly into an account that pays nominal annual interest of 20% compounded monthly. What is the balance of the account after 12 deposits?
Note: You will likely need to use the interest formula to find the answer as you won't have an interest table corresponding to the interest rate per compounding period.
7,590.272
$13,000 is being deposited at the end of each year into an account that pays nominal annual interest of 12% compounded monthly. How much is in the account immediately
after 6 deposits?
Note: You will need to use the interest formula to find the answer as there won't be an interest table corresponding to the interest rate per compounding period.
13,799.76
 The effective interest is 2.51 per month. What is the nominal

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