Money and finance
 

Money and finance problem 40


At the end of each year for the past 12 years, Petra deposited in the bank an amount of 970. She then received a payment of 5 annuities in the same amount from the savings. The first annuity was received by 1 year after the last application was filed. Accurately calculate the amount of the annuity received if the bank capitalizes annually at 9% interest rate.


 

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