Find the interest rate needed for the sinking fund to reach


A. 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.

$11,756 to be accumulated in 3 ?years; quarterly payments of $900.

The interest rate needed is approximately ___?%.

?(Type an integer or decimal rounded to two decimal places as? needed.)

B. Hank made payments of $170 per month at the end of each month for 30 years to purchase a piece of property. He promptly sold it for ?$149,040. What annual interest rate would he need to earn on an ordinary annuity for a comparable rate of? return?

___?%

?(Round to the nearest hundredth as? needed.)

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Financial Management: Find the interest rate needed for the sinking fund to reach
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