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Please answer every part to the question. Will upvote if correct and if done in the next hour. Thanks. Mark Altidore invested $7,300 at 12%
Please answer every part to the question. Will upvote if correct and if done in the next hour. Thanks.
Mark Altidore invested $7,300 at 12% annual interest, and left the money invested without withdrawing any of the interest for 11 years. At the end of the 11 years, Mark withdrew the accumulated amount of money. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) What amount did Mark withdraw, assuming the investment earns simple interest? Accumulated amount $ (b) What amount did Mark withdraw, assuming the investment earns interest compounded annually? (Round answer to 2 decimal places, e.g. 25.25.) Accumulated amount $Step by Step Solution
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