John Mullins, always the sharp deal finder, decided to take the $20,000 he won in a lottery and invests into an account that pays interest at 6% compounded annually for 8 years. After those 8 years are over, he emptied the account and invested it all into another account that paid 8% compounded quarterly for 6 years. Use the table on page 377.

• Find the amount that he has available for withdrawal at the end of 14 years.
• Had he not moved the money and kept using the first account for the entire 14 years, how much would have been available for withdrawal, and how much more did he earn by switching accounts? Round all answers to the nearest penny.

Period 10 13 Compound Interest Table Interest Rate per Compounding Period 1% 1% 11% 2% 2% 3% 4% 5% 6% 8% Period 1.00500 1.01000 1.01500 1.02000 1.02500 1.03000 1.04000 1.05000 1.06000 1.08000 1 1.01003 1.02010 1.03023 1.04040 1.05063 1.06090 1.08 160 1.10250 1.12360 1.16640 2 1.01508 1.03030 1.04568 1.06121 1.07689 1.09273 1.12486 1.15763 1.191021.259713 1.02015 1.04060 1.06136 1.08243 1.10381 1.12551 1.16986 1.21551 1.26248 1.36049 4 1.02525 1.05101 1.07728 1.10408 1.13141 1.15927 1.21665 1.27628 1.33823 1.46933 5 1.03038 1.06152 1.09344 1.12616 1.15969 1.19405 1.26532 1.34010 1.41852 1.58687 6 1.03553 1.07214 1.10984 1.14869 1.18869 1.22987 1.31593 1.40710 1.50363 1.71382 7 1.04071 1.08286 1.12649 1.17166 1.21840 1.26677 1.36857 1.47746 1.59385 1.85093 8 1.04591 1.09369 1.143391.19509 1.24886 1.30477 1.42331 1.55133 1.68948 1.99900 9 1.05114 1.10462 1.16054 1.21899 1.28008 1.34392 1.48024 1.62889 1.79085 2.15892 10 1.05640 1.11567 1.17795 1.24337 1.31209 1.38423 1.53945 1.71034 1.89830 2.33164 11 1.06168 1.126831.19562 1.26824 1.344891.42576 1.60103 1.79586 2.01220 2.51817 12 1.06699 1.138091.21355 1.29361 1.37851 1.46853 1.665071.88565 2.13293 2.71962 13 1.07232 1.14947 1.23176 1.31948 1.41297 1.51259 1.73168 1.979932.26090 2.93719 14 1.07768 1.16097 1.25023 1.34587 1.44830 1.55797 1.80094 2.07893 2.39656 3.17217 15 1.08307 1.17258 1.26899 1.37279 1.48451 1.60471 1.87298 2.18287 2.54035 3.42594 16 1.088491.18430 1.28802 1.40024 1.521621.65285 1.94790 2.29202 2.69277 3.7000217 1.093931.19615 1.30734 1.42825 1.55966 1.702432.02582 2.40662 2.85434 3.99602 1.09940 1.20811 1.32695 1.45681 1.59865 1.75351 2.10685 2.52695 3.02560 4.31570 1.10490 1.22019 1.34686 1.48595 1.63862 1.806112.19112 2.65330 3.20714 4.66096 20 1.11042 1.23239 1.36706 1.51567 1.67958 1.86029 2.27877 2.78596 3.39956 5.03383 21 1.11597 1.24472 1.38756 1.54598 1.72157 1.91610 2.36992 2.92526 3.60354 5.43654 22 1.12155 1.25716 1.40838 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 23 1.12716 1.26973 1.42950 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 24 1.13280 1.28243 1.45095 1.64061 1.85394 2.09378 2.66584 3.38635 4.291876.84848 25 1.13846 1.29526 1.47271 1.67342 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 26 1.14415 1.30821 1.49480 1.706891.94780 2.22129 2.88337 3.73346 4.82235 7.98806 27 1.14987 1.32129 1.51722 1.741021.99650 2.287932.99870 3.92013 5.111698.62711 28 1.15562 1.33450 1.53998 1.77584 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 29 1.161401.34785 1.56308 1.81136 2.097572.42726 3.24340 4.32194 5.74349 10.06266 30 20 21 26 28 29 30