Exercise 6-2 Adams Jackson invests $32,300 at 8% annual interest, leaving the mo
ID: 2540200 • Letter: E
Question
Exercise 6-2 Adams Jackson invests $32,300 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Adams withdraws the accumulated amount of money. Compute the amount Adams would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. 458,581.) Total withdrawn LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Click here to view factor tables Compute the amount Adams would withdraw assuming the investment earns interest compounded annually. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Total withdrawn LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE her Compute the amount Adams would withdraw assuming the investment earns interest compounded semiannually. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Total withdrawn Click if you would like to Show Work for this question: Open Show WorkExplanation / Answer
1 Total withdrawn = 32300+(32300*8%*8)= $52972 2 Total withdrawn = 32300*1.85093= $59785 3 Total withdrawn = 32300*1.87298=$60497