Exercise 6-02 (Part Level Submission)

William Jackson invests $56,500at10% annual interest, leaving the money invested without withdrawing any of the interest for10years. At the end of the10years, William withdraws the accumulated amount of money.

(a)

Your answer is correct.

Compute the amount William would withdraw assuming the investment earns simple interest.(Round answers to 0 decimal places, e.g. 458,581.)

Total withdrawn$enter total withdrawn in dollars rounded to 0 decimal places

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(b)

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Compute the amount William would withdraw assuming the investment earns interest compounded annually.(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Total withdrawn