Question list 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. $15,903 to be accumulated in 3 years; quarterly payments of $1200 Question 1 Question 2 The interest rate needed is approximately ☐ %. (Type an integer or decimal rounded to two decimal places as needed.)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 11E
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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.
$15,903 to be accumulated in 3 years; quarterly payments of $1200
Question 1
Question 2
The interest rate needed is approximately ☐ %.
(Type an integer or decimal rounded to two decimal places as needed.)
Transcribed Image Text:Question list 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. $15,903 to be accumulated in 3 years; quarterly payments of $1200 Question 1 Question 2 The interest rate needed is approximately ☐ %. (Type an integer or decimal rounded to two decimal places as needed.)
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