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. $14,129 to be accumulated in 3 years; quarterly payments of $1075. The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.) ***

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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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.
$14,129 to be accumulated in 3 years; quarterly payments of $1075.
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. $14,129 to be accumulated in 3 years; quarterly payments of $1075. The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.) ***
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