Suppose an annuity pays 4% annual interest, compounded annually. If you invest $4,500 in this annuity annually for 10 years, what percentage of the total balance is interest earned? Round your answer to the nearest hundredth of a percent. Do NOT round until you have calculated the final answer.

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04-12-2022
Mathematics

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Suppose an annuity pays 4% annual interest, compounded annually. If you invest $4,500 in this annuity annually for 10 years, what percentage of the total balance is interest earned? Round your answer to the nearest hundredth of a percent. Do NOT round until you have calculated the final answer.

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