Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume

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Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume payments are made at the end of each period.

1. Annual payments of $4,095 for five years, interest compounded annually.

2. Semiannual payments of $5,715 for two years, interest compounded semiannually.

3. Quarterly payments of $1,864 for three years, interest compounded quarterly.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 28, 2012 07:09 AM

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Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume

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