What interest rate compounded monthly was the fund growing

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Reference no: EM132735737

Ohn made payments of $143.53 at the end of every month into a retirement fund which accumulated to $37,000 over 18 years.

Problem a. At what interest rate compounded monthly was the fund growing? (Assume that the interest rate remained constant throughout the term.)

Problem b. At what interest rate would he have been able to accumulate the same $37,000 in only 12 years?

Reference no: EM132735737

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