A couple of generations ago, a relative of Sophia wanted to share his wealth with family members and decided to open a special bank account. The purpose of such financial instrument was to pay out an annuity forever, which would be shared among all family members. Given that the initial deposit was 478,694 dollars and the prevailing interest rate at that time was 5 %, compounded annually, find the value of the annuity this family collects every year.

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Shardaeheyward8575idn Shardaeheyward8575idn

01-02-2021
Business

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A couple of generations ago, a relative of Sophia wanted to share his wealth with family members and decided to open a special bank account. The purpose of such financial instrument was to pay out an annuity forever, which would be shared among all family members. Given that the initial deposit was 478,694 dollars and the prevailing interest rate at that time was 5 %, compounded annually, find the value of the annuity this family collects every year.

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