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3 6 When he tumed 6 5 years old, Alberto used his savings of $ 5 0 , 0 0 0 to purchase a term

36 When he tumed 65 years old, Alberto used his savings of $50,000 to purchase a term certain annuity to age 90. As a result, he will receive payments of $330 at the beginning of each month. What is the nominal annual interest rate with monthly compounding that this investment yields?
a)6.17%
b)6.31%
c)6.50%
4)7.12%

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