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. 11.56%
B. 22.25%
C. 15.07%
D. 18.30%
E. 13.58%
Answer: A
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