Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume payments are made at the end of each period.
1. Quarterly payments of $1,864 for 3 years, interest compounded quarterly.
2. Annual payments of $4,095 for 5 years, interest, compounded annually
3. Semiannual payments of $5,715 for 2 years, interest compounded semiannually.
This solution assists with determining interest rates on annuities.