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?
Answered by Reiny
PV = 800( 1 - 1.09^-10)/.09

Wow, let me know which bank pays you 9% in 2014.
There are no AI answers yet. The ability to request AI answers is coming soon!