David makes a sequence of 35 monthly deposits of 515 each, Finance Basics

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David makes a sequence of 35 monthly deposits of 515 each

Question: David makes a sequence of 35 monthly deposits of $515 each into an account paying interest convertible monthly. Immediately after making the 35th deposit, the account balance is $19976.37 dollars. What is the nominal rate of interest convertible monthly?

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Finance Basics: David makes a sequence of 35 monthly deposits of 515 each

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Finance Basics: David makes a sequence of 35 monthly deposits of 515 each

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