A construction company makes deposits of $5000 at the end of every month into an investment fund which will accumulate to $1.5 million in 15 years.

a. At what nominal interest rate compounded monthly is the company earning interest in the fund? (Assume that the rate remains constant throughout the 15-year term.)

b. At what nominal interest rate compounded monthly would the fund accumulate to $1.5 million in 14 years, rather than 15 years? (Assume that the same month-end payments are being made.)

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