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saddiee saddiee
  • 10-01-2015
  • Mathematics
Answered

an annuity has an initial balance of $5000. annual withdrawals are made in the amount of $800 for 9 years, at which point the account balance is zero. what annual rate of interest, compounded annually, was earned over the duration of this annuity?

Verified Answer :

ancrosby ancrosby
  • 10-01-2015

Belongs in middle school

8009 = 5000(?)^9
1.44 = ?^9
root to the 9
? = 1.041

7200-5000 = 2200

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