Your parents deposit 10000 into your bank account and allow, Ask an Expert

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Your parents deposit $10,000 into your bank account and allow you to withdraw $500 every month for living expenses in 2 years to support your MBA education. What annual interest rate does the bank pay so that you will withdraw everything in 2 years? Please round your answer to the fourth decimal. For example, if your answer is 1%, you should input 0.0100.

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