Money and finance
 

Money and finance problem 35


At the end of each year for the past 9 years, Petra deposited in the bank an amount of 650. She then received a payment of 8 annuities in the same amount from the savings. The first annuity was received by 9 years after the last application was filed. Accurately calculate the amount of the annuity received if the bank capitalizes annually at 8% interest rate.


 

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