An investment producing cash flows in the amount of $1,200 per month is undertaken for a period of 28 months. The investor pays $24,000 for the investment and the contract stipulates that investment returns must be reported on a basis equivalent with annual  compounding . Given that the investment is sold after 28 months, what would be the equivalent annual compound  rate of interest reported to the investor? What would be the annual rate compounded monthly  for this investment?