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OpenStudy (anonymous):
what sum of money invested at 9% interest per year is needed to provide an income of £45 per year?
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OpenStudy (anonymous):
the principal is compounded annualy ?
OpenStudy (anonymous):
what?
OpenStudy (anonymous):
I mean, the interest is paid once a year right ?
OpenStudy (anonymous):
yes
OpenStudy (anonymous):
with 9% p.a.
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OpenStudy (anonymous):
ok
OpenStudy (anonymous):
x * 0.09 = £45
OpenStudy (anonymous):
x * 0.09 = £45 | :0.09 x = £45/0.09 x = £500
OpenStudy (anonymous):
why would you multiply?
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