Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Explore a wealth of knowledge from professionals across various disciplines on our comprehensive Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

an annuity has an initial balance of $5000. annual withdrawals are made in the amount of $800 for 9 years, at which point the account balance is zero. what annual rate of interest, compounded annually, was earned over the duration of this annuity?

Sagot :

Belongs in middle school

800*9 = 5000*(?)^9
1.44 = ?^9
root to the 9
? = 1.041

7200-5000 = 2200

We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.