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.$38,000 to be accumulated in 5 years; quarterly payments of $1675. Round to the nearest thousandth.

A. 5.228%
B. 5.223%
C. 5.123%
D. 5.203%


Answer: B

Mathematics

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