Troy wants to accumulate $40,000 in 10 years to purchase a vacation home. What is the annual investment rate of return that Troy must obtain if he deposits $250 at the end of every month for 10 years?

Identify the following variables: N, I/Y, PV, PMT, FV

Please show how the answer is computed (steps, a formula used, etc.)

Please try to avoid mathematical shorthand or please explain the answer to help me understand.

Thank You!