Alan Jackson invests $54,900 at 8% annual interest, leaving the money invested w

Question

Alan Jackson invests $54,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan withdraws the accumulated amount of money. Compute the amount Alan would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. 458,581.) Compute the amount Alan would withdraw assuming the investment earns interest compounded annually. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Explanation / Answer

Ans Total withdrawn=$54,900(1+8/100)^8 $54,900*1.8509 101614

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