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. $21,563 to be accumulated in 5 years; quarterly payments of $900 ..... 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. $21,563 to be accumulated in 5 years; quarterly payments of $900 ..... The interest rate needed is approximately%. (Type an integer or decimal rounded to two decimal places as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 12P

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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.
$21,563 to be accumulated in 5 years; quarterly payments of $900
The interest rate needed is approximately%.
(Type an integer or decimal rounded to two decimal places as needed.)

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