Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

the amount a person would have to deposit today to be able to take out 500$ a year for ten year from an amount earning 9%

Sagot :

abidemiokin

The amount a person would have to deposit today to be able to take out 500$ a year for ten year from an amount earning 9% i

Calculating the amount

The formula for calculating amount is expressed as:

Amount = Principal + Interest

Determine the interest

Interest = 500*0.09 * 10

Interest = 5 * 90

Interest = $450

Principal= $500 - $450

Principal = $50

Hence the amount a person would have to deposit today to be able to take out 500$ a year for ten year from an amount earning 9% is $50

Learn more on interest here; https://brainly.com/question/25793394

#SPJ1

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.