Sam deposits 1,000 every year on his birthday into a retirement fund earning an annual effective rate of 15%. The first deposit is made on his 39th birthday and the last deposit is made on his 60th birthday. Immediately after the last deposit, the accumulated value of the fund is transferred to a fund earning an annual effective rate of j. Five years later, a 35-year monthly annuity-due paying 1,000 each month is purchased with the funds. The purchase price of the annuity was determined using a nominal rate of interest convertible monthly at 6%. Calculate j.