Question
Jerry Rees invested $7,100 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end
Jerry Rees invested $7,100 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Jerry withdrew the accumulated amount of money.
(a) What amount did Jerry withdraw, assuming the investment earns simple interest?
(b) What amount did Jerry withdraw, assuming the investment earns interest compounded annually?
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The Internal Auditing Handbook
Authors: K. H. Spencer Pickett
3rd Edition
0470518715, 978-0470518717
