Simple and Compound Interest
 

Simple and Compound Interest problem 34


A bank offers us the opportunity to receive an annuity of €820 for 14 consecutive years. If we decide not to withdraw the annuity for the first 8 years, how many euros will the annuity we will receive for the remaining 6 years? The bank pays interest at a 9% interest rate compounded annually.


 

material editor: Theophilus Borgbara