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jek_recluse [69]
3 years ago
15

Sara shouppe has invested $100,000 in an account at her local bank. the bank will pay her a constant amount each year for 6 year

s, starting one year from today, and the account's balance will be 0 at the end of the sixth year. if the bank has promised ms. shouppe a 10% return, how much will they have to pay him each year?
Business
1 answer:
katovenus [111]3 years ago
5 0
We can compute this using the Annual depreciation charge
Use the formula:
depreciationcharge= (Co-Cn)i/[(1+i)^n-1)]
where
Co= initial amount= $100,000
Cn- value after n years= $0
n= life of account= 6
i= interest rate=10%
Sunstituting all the values, we will get,
depreciation charge = $12960.74

The bank will have to pay Sara shouppe  $12960.74 for the investment of $100000 with 10% interest.


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