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Wendy would like to save $15,000 over the next 10 years. In order to accomplish this goal, she is depositing $110 at the beginning of

Wendy would like to save $15,000 over the next 10 years. In order to accomplish this goal, she is depositing $110 at the beginning of every month into an account with an interest rate that compounds monthly.

What nominal rate of interest did Wendy earn?
What is the effective rate of interest? The answer only is acceptable. No work has to be shown.

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