3. Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding period is thesame as the payment period.FU$13,690 to be accumulated in 3 years; quarterly payments of $1025The interest rate needed is approximately%.(Type an integer or decimal rounded to two decimal places as needed.)

Quarterly interest rate is calculated using rate function in excel with number of periods as NPER,…

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. $13,690 to be accumulated in 3 years; quarterly payments of $1025 The interest rate needed is approximately (Type an integer or decimal rounded to two decimal places as needed.)

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. $13,690 to be accumulated in 3 years; quarterly payments of $1025 The interest rate needed is approximately (Type an integer or decimal rounded to two decimal places as needed.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 10RE: If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32...

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