Asked by sam
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?
PV = $5000
R = $800
n = 9
i = ?
PV = (R[1-(1+i)^-n])/i
5000 = (800[1-(1+i)^-9])/i
IDK how to isolate for i and solve for it. please help me!
PV = $5000
R = $800
n = 9
i = ?
PV = (R[1-(1+i)^-n])/i
5000 = (800[1-(1+i)^-9])/i
IDK how to isolate for i and solve for it. please help me!