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Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding period is the same as the payment period. $14,761 to be accumulated in 3 years; quarterly payments of $1150. The interest rate needed is approximately _%. (use graphing calculator)

Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding period is the same as the payment period. $14,761 to be accumulated in 3 years; quarterly payments of $1150. The interest rate needed is approximately _%. (use graphing calculator)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding period is the same as the payment period. $14,761 to be accumulated in 3 years; quarterly payments of $1150. The interest rate needed is approximately _%. (use graphing calculator)
Transcribed Image Text:Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding period is the same as the payment period. $14,761 to be accumulated in 3 years; quarterly payments of $1150. The interest rate needed is approximately _%. (use graphing calculator)
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