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Arooj and Meena planned to save $38,000 to purchase a machine for their bakery. They achieved this target by depositing $3,000 at the end of

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Arooj and Meena planned to save $38,000 to purchase a machine for their bakery. They achieved this target by depositing $3,000 at the end of every month into an investment fund for 1 year. What was the nominal interest rate compounded monthly at which the fund was growing? % Round to two decimal places

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