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.
- $\$ 100,000$ to be accumulated in 15 years; quarterly payments of $\$ 1200$ . Round to the nearest hundredth.

A) $4.21 \%$
B) $4.28 \%$
C) $4.29 \%$
D) $4.25 \%$