Collective magnetization dynamics in nanoparticle assemblies is of current interest as it forms the basis of high density storage media. It is important to understand how interparticle interactions in a three-dimensional (3D) arrangement of superparamagnetic nanoparticles would affect the overall effective magnetic anisotropy of the system. We have studied the influence of varying strengths of dipolar interaction on the static and dynamic magnetic properties of surfactant-coated monodispersed manganese zinc ferrite nanoparticles using reversible transverse susceptibility. We track the evolution of the anisotropy peaks with varying magnetic field, temperature, and interaction strength. The blocking temperature shows an increase from 28 to 32 K and the coercive field (at 10 K) shows an increase from 144 to 192 Oe as the system changes from the case of weakly interacting to strongly interacting 3D assembly of the particles. (C) 2008 American Institute of Physics. [DOI: 10.1063/1.2977592]