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Sam wants to invest $650 at the end of every month in a mutual fund. He will be receiving $40,000 at the end of 4

Sam wants to invest $650 at the end of every month in a mutual fund. He will be receiving $40,000 at the end of 4 years. If the interest is compounded monthly, what is the annual rate of return earned on the investment?

a. 12.25%

b. 13.08%

c. 14.75%

d. 15.20%

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