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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. $31,495 to be accumulated in 6 years; quarterly payments of $1050 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. $31,495 to be accumulated in 6 years; quarterly payments of $1050 The interest rate needed is approximately. (Type an integer or decimal rounded to two decimal places as needed.)

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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K 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. $31,495 to be accumulated in 6 years; quarterly payments of $1050. The interest rate needed is approximately. (Type an integer or decimal rounded to two decimal places as needed.)
Transcribed Image Text:K 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. $31,495 to be accumulated in 6 years; quarterly payments of $1050. The interest rate needed is approximately. (Type an integer or decimal rounded to two decimal places as needed.)
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