Question: Over 14 years, Casey has saved $7200 by authorizing $30 to be deducted at the end of every month through a payroll deduction plan at

Over 14 years, Casey has saved $7200 by authorizing $30 to be deducted at the end of every month through a payroll deduction plan at his work. The money was sent to his savings account to be invested.
(a) What is the nominal annual rate of interest compounded monthly on the savings plan?
(b) If, after the 14 years, he withdraws $135 at the end of each month, what is the term of the annuity?

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