Find the interest rate needed for the sinking fund to reach the required amount. Assúme that the compounding period is the same as the payment period. $22,225 to be accumulated in 4 years; quarterly payments of $1200. The interest rate needed is approximately (Type an integer or decimal rounded to two decimal places as needed.)

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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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.
$22,225 to be accumulated in 4 years, quarterly payments of $1200.
The interest rate needed is approximately %.
(Type an integer or decimal rounded to two decimal places as needed.)
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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. $22,225 to be accumulated in 4 years, quarterly payments of $1200. The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.) Help me solve this View an example Get more help -
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