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, $35,316 to be accumulated in 6 years; quarterly payments of $1300 The interest rate needed is approximately%. (Type an integer or decimal rounded to two decimal places as needed.)

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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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.
$35,316 to be accumulated in 6 years; quarterly payments of $1300
The interest rate needed is approximately%.
(Type an integer or decimal rounded to two decimal places as needed.)
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. $35,316 to be accumulated in 6 years; quarterly payments of $1300 The interest rate needed is approximately%. (Type an integer or decimal rounded to two decimal places as needed.)
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