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. $28,634 to be accumulated in 6 years; quarterly payments of $950. The interest rate needed is approximately% (Type an integer or decimal rounded to two decimal places as needed.)

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.
$28,634 to be accumulated in 6 years; quarterly payments of $950.
The interest rate needed is approximately%
(Type an integer or decimal rounded to two decimal places as needed.)
ena
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. $28,634 to be accumulated in 6 years; quarterly payments of $950. The interest rate needed is approximately% (Type an integer or decimal rounded to two decimal places as needed.) ena
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