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. $31,240 to be accumulated in 6 years; quarterly payments of $1100. 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. $31,240 to be accumulated in 6 years; quarterly payments of $1100. The interest rate needed is approximately%. (Type an integer or decimal rounded to two decimal places as needed.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 12P
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Q.30.
![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.
$31,240 to be accumulated in 6 years; quarterly payments of $1100.
The interest rate needed is approximately%.
(Type an integer or decimal rounded to two decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc106c430-f07b-4113-90c5-72e8b17a210a%2Ff8d966a7-ba6f-4b84-b4c2-a515c838cc01%2F2ni9b1c_processed.jpeg&w=3840&q=75)
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.
$31,240 to be accumulated in 6 years; quarterly payments of $1100.
The interest rate needed is approximately%.
(Type an integer or decimal rounded to two decimal places as needed.)
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