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Morgan Bryant invests $41,000at9% annual interest, leaving the money invested without withdrawing any of the interest for7years. At the end of the7years, Morgan withdraws the

Morgan Bryant invests $41,000at9% annual interest, leaving the money invested without withdrawing any of the interest for7years. At the end of the7years, Morgan withdraws the accumulated amount of money.

Instructions:

(a) Compute the amount Chris would withdraw assuming the investment earns simple interest.

(b) Compute the amount Chris would withdraw assuming the investment earns interest compounded annually.

compounded semiannually.

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