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 receive $27,000 at the end of four years. If interest is compounded monthly, what is the effective annual rate of return earned on the investment?

A) 11.6%
B) 22.3%
C) 15.1%
D) 11.1%
E) 13.6%