Q # 01

(a)

David makes a sequence of 38 monthly deposits of 465 dollars each into an account paying interest convertible monthly. Immediately after making the 38th deposit, the account balance is 19970.41 dollars. What is the nominal rate of interest convertible monthly?

(b)

Laura wants to have at least $2,008,000.00 available for her retirement, and she has figured that she can invest $1,469.00 every month into an ordinary annuity earning 7.03% compounded monthly. For how many months will she have to invest so that she can reach her goal?

(I got "376" but it is wrong)