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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%

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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

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