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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Total withdrawn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Total withdrawn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Total withdrawn
$

 

Basic Finance, Finance

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