Asked by Ralph
Your bank pays 9% interest, compounded annually. Use the appropriate formula to find how much you should deposit now to yeild an annuity payment of $800 at the END of each year, for 10 years?
Answers
Answered by
Reiny
PV = 800( 1 - 1.09^-10)/.09
Wow, let me know which bank pays you 9% in 2014.
Wow, let me know which bank pays you 9% in 2014.
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