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. $35,245 to be accumulated in 6 years; quarterly...

Extracted text: 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. $35,245 to be accumulated in 6 years; quarterly payments of $1300 The interest rate needed is approximately %. (Type an integer or decimal rounded to two decimal places as needed.)