Mitchell made payments of 157 37 at the end of every month

Last updated: 6/16/2023

Mitchell made payments of 157 37 at the end of every month into a retirement fund which accumulated to 46 000 over 20 years a At what interest rate compounded monthly was the fund growing Assume that the interest rate remained constant throughout the term Round to two decimal places b At what interest rate would he have been able to accumulate the same 46 000 in only 11 years