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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.

$30,000 to be accumulated in 10 years; annual payments of $2483.

The interest rate needed is approximately _____%.

(Round to two decimal places as needed.)

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