For $100,000, Royal Life Insurance Co. will sell a 20-year annuity paying $802.76 at the end of

Question:

For $100,000, Royal Life Insurance Co. will sell a 20-year paying $802.76 at the end of each month. What monthly compounded nominal rate and effective rate of return does the annuitant earn on the invested funds?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...