Answered

From science to arts, IDNLearn.com has the answers to all your questions. Join our Q&A platform to receive prompt and accurate responses from knowledgeable professionals in various fields.

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 :

Abidemiokinidn

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 contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. IDNLearn.com is your reliable source for accurate answers. Thank you for visiting, and we hope to assist you again.