Exercise 6-2 Newman Jackson invests $44,300 at 8% annual interest, leaving the m

Question

Exercise 6-2 Newman Jackson invests $44,300 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Newman withdraws the accumulated amount of money Compute the amount Newman would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. 458,581.) Total withdrawns LINK TO TEXT LINK T LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the amount Newman would withdraw assuming the investment earns interest compounded annual . and final answer to O decimal places, e.g. 458,581.) ou a factor va u sto Sdec na places, eg. Total withdrawn LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE

Explanation / Answer

1 Total withdrawn = 44300+(44300*8%*8)= 72652 2 PV factor =(1.08)^8= 1.85093 Total withdrawn = 44300*1.85093= 81996

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