eur answer is incorrect. Try again, Bory Atdore invested 58,400 at 6% anmual int
ID: 2588042 • Letter: E
Question
eur answer is incorrect. Try again, Bory Atdore invested 58,400 at 6% anmual interest, and left the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Jozy withdrew the accumulsted amount of money (For caculation purposes, use 5 declmal places as displayed in the factor table provided. ) (a) what amount did Jozy withdraw, assuming the investment eams smple interest (b) Whst amount did Joay withdraw, assuming the investment eams interest compounded annualy? (Round answer to 2 decimal places, e.g. 25.25.)Explanation / Answer
Formula is PTR/100 WHERE P is principal T is time R is rate
Therefore interest equals to PTR/100
8400*9*6/100 =4536
Principal plus interest = 8400+4536=12936
Compound interest
A=p(1+r/n)rt
A=amount
P=principal
R=rate of interest
n=no of times per year
t= no of yeaars
A=8400(1+0.06/1)1*9
A=8400(1.06)9
A=8400*1.6894
A=14190.96
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