A bank offers to its customers a product that pays a regular monthly amount of 750 in arrears for 15 years starting from the end of the first month,against a one-off initial investment of 10,000 in the beginning of the first month, where the effective yearly rate of interest is strictly positive Given that the effective yearly rate of interest is strictly positive,what is the numerical value of the annual effective rate of discount implied by this product? show the intermediary steps of the derivationsbut the numerical value of the discount rate can be calculated using Excel or a calculator --provide the number in the format1.234%)A bank offers to its customers a product that pays a regular monthly amount of 750 in arrears for 15 years starting from the end of the first month,against a one-off initial investment of 10,000 in the beginning of the first month, where the effective yearly rate of interest is strictly positive Given that the effective yearly rate of interest is strictly positive,what is the numerical value of the annual effective rate of discount implied by this product? show the intermediary steps of the derivationsbut the numerical value of the discount rate can be calculated using Excel or a calculator --provide the number in the format1.234%)