Question
John Jackson invests $43,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of
John Jackson invests $43,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, John withdraws the accumulated amount of money.
(a) Compute the amount John would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places)
Total withdrawn $__________
(b) Compute the amount John would withdraw assuming the investment earns interest compounded annually. (Round factor values to 5 decimal places)
Total withdrawn $__________
(c) Compute the amount John would withdraw assuming the investment earns interest compounded semiannually. (Round factor values to 5 decimal places)
Total withdrawn $__________
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