Solved: Account at local bank, Sara Shouppe has invested $100,000 in an account at her local, Accounting Basics

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Account at local bank

Problem:

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 years, 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?

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