Find the interest rate needed for the sinking fund to reach the required amount Assume that...
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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. (Note A sinking fund is an account created to fund a future expense. It's like a savings account) $23,952 to be accumulated in 5 years, quarterly payments of $1000 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. (Note A sinking fund is an account created to fund a future expense. It's like a savings account) $23,952 to be accumulated in 5 years, quarterly payments of $1000 The interest rate needed is approximately (Type an integer or decimal rounded to two decimal places as needed.)
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Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
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