Answered

Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

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

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.