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interest rate needed for the sinking fund

interest rate needed for the sinking fund

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. $26,881 to be accumulated in 5 years; quarterly payments of $1175.
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. $26,881 to be accumulated in 5 years; quarterly payments of $1175.
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