Lyle o keefe invests 21900 at 8 annual interest leaving the, Ask an Expert

Accounting

Lyle O 'Keefe invests $21,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.

(a) Compute the amount Lyle would withdraw assuming the investment earns simple interest.

(b) Compute the amount Lyle would withdraw assuming the investment earns interest compounded annually.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M959148

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