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.)