Interest Calculations
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Please help with the following problems.
Lyle O'Keefe invests $37,400 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Lyle withdrew the accumulated amount of money.
(a) Compute the amount Lyle would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. $458,581.)
Total withdrawn
$
(b) Compute the amount Lyle would withdraw assuming the investment earns interest compounded annually. (Round answers to 0 decimal places, e.g. $458,581.)
Total withdrawn
$
(c) Compute the amount Lyle would withdraw assuming the investment earns interest compounded semiannually. (Round answers to 0 decimal places, e.g. $458,581.)
Total withdrawn
$
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Hi there,
Thanks for letting me work on your post. Here is my explanation:
a. Compute the amount Lyle would withdraw assuming the investment earns simple interest. (Round ...
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