Find the interest rate needed to accumulate $45,000 in a sinking fund in 10 years, with annual payments of $4,250, and interest compounded annually. Round your answer to the nearest hundredth of a percent.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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Find the interest rate needed to accumulate $45,000 in a sinking fund in 10 years, with annual payments of $4,250, and interest compounded annually. Round your answer to the nearest hundredth of a percent.

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