Find the Interest Rate Needed for the Sinking Fund to Reach

Multiple Choice

Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding periodis the same as the payment period.
- $\$ 45,000$ to be accumulated in 10 years; annual payments of $\$ 3940$ . Round to the nearest hundredth.

A) $2.58 \%$
B) $2.77 \%$
C) $2.92 \%$
D) $2.01 \%$