If regular month-end deposits of $200 in a savings account amounted to $7,727.62 after three years, what monthly compounded nominal rate and effective rate of interest were paid on the account?

Monthly Compounded

An interest calculation method where interest is added to the principal sum at the end of each month, accelerating the growth of the investment through more frequent compounding.

Nominal Rate

The stated interest rate on a financial product, not accounting for inflation or the compounding of interest.

Effective Rate

The actual interest rate on an investment or loan, accounting for the effect of compounding over a given period.