Marion is receiving payments of $500 per month for 20 years. In order to receive these payments, she deposited $90,000 in to an account with monthly compounding. What rate of interest did the account pay?

Monthly Compounding

The process where interest on an investment or loan is calculated and added to the principal sum every month.

Payments

Money transferred from one party to another in exchange for goods, services, or to fulfill a contractual obligation.

Account

A record or statement of financial expenditure and receipts relating to a specific period or purpose.