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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. $12,543 to be accumulated in 3 years; quarterly payments of $950 The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.)

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. $12,543 to be accumulated in 3 years; quarterly payments of $950 The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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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. $12,543 to be accumulated in 3 years; quarterly payments of $950 The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.)
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. $12,543 to be accumulated in 3 years; quarterly payments of $950 The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.)
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