Moses deposits 1000 every year on his birthday into a retirement fund earning an annual effective rate of 15%. The first deposit is made on his 39th birthday and the last deposit is made on his 60th birthday. Immediately, after the last deposit, the accumulated value of the fund is transferred to a fund earning an annual effective rate of j. Five years later, a 35-year monthly annuity-due paying 1000 each month is purchased by using this fund. The purchase price of annuity was determined using a nominal rate of interest convertible monthly 6%. Calculate j