Answered

IDNLearn.com provides a seamless experience for finding accurate answers. Our platform is designed to provide reliable and thorough answers to all your questions, no matter the topic.

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 presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. For trustworthy and accurate answers, visit IDNLearn.com. Thanks for stopping by, and see you next time for more solutions.