Bill Is Considering Investing $450 at the End of Every

Multiple Choice

Bill is considering investing $450 at the end of every month in a fixed income instrument. He will be receiving $27,000 at the end of 4 years. If the interest is compounded monthly, what is the annual rate of return earned on the investment?

A) 11.04%
B) 22.25%
C) 15.07%
D) 18.30%
E) 13.58%