A machine is to be purchased for P155,000 it has an estimated life of 8 years and a salvage value of P6000. A sinking fund is to be established so money will be available to purchase a replacement when the first machine wears out at the end of 8 years. An amount of P13,030 is to be deposited at the end of each year during the lifetime of the first machine into this sinking fund. What interest rate (%) that this fund must earn to produce sufficient fund to purchase the replacement machine at the end of 8 years?