With end of month contributions of $251.33, an investment account is expected reach $100,000 in value after 15 years and 5 months.
Note: Type only your number in the following blanks. Do not include a % sign or any words. Round your answers to 2 decimal places.
(a) Determine the nominal rate of return to reach this projected growth.
(b) Determine the effective rate of return to reach this projected growth.