9. 6.9 Xavier looked at his company’s cash flows for the recent past on a newly offered home delivery service of pet food and supplies. He wants to know the rate of return per month if $149,333 was invested in a project with monthly costs of $28,500 and income of $34,500 over a 2½ − year period.

(a) Determine the monthly i* for him.

(b) Determine his effective annual rate if monthly compounding is assumed.