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Question $8$: $($Value $6$ marks$)$

When his daughter was born, Chuck Jones started depositing $$250$ every three months into a trust

fund earning $3\%$ compounded quarterly. He made the first deposit three months after his daughter

was born and continued until his daughter turned $20.$ Following her $20$th birthday, Chuck$$s daughter

is to receive equal payments of $$525$ at the end of each month for five years from the accumulated

amount in the account. Determine the nominal annual interest rate compounded monthly for the

$5-$year term that Chuck$$s daughter is receiving payments.

Show all inputs and any other necessary work below. This question requires two separate

steps. Show all inputs for both steps and any other necessary work.

P$/$Y $=$

C$/$Y $=$

N $=$

I$/$Y $=$

PV $=$

PMT $=$

FV