Jenny carson invested 18000 at 8 annual interest and left, Ask an Expert

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Jenny Carson invested $18,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jenny decided to withdraw the accumulated amount of money. Jenny has found the following values in various tables related to the time value of money.

Present value of 1 for 15 periods at 8% 0.31524
Future value of 1 for 15 periods at 8% 3.17217
Present value of an annuity of 1 for 15 periods at 8% 8.55948
Future value of an annuity of 1 for 15 periods at 8% 27.15211

To the closest dollar, which amount would she withdraw, assuming that the investment earns interest compounded annually?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9972198

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