Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

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 visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.