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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

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.

$31,890 to be accumulated in 6 years, quarterly payments of $1100

The interest rate needed is approximately ______%

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

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