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ACCT3311.010NL INTERMEDIATE ACCOUNTING I WEEK 6 HOMEWORK ASSIGNMENT Homework Assignment due...

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Accounting

ACCT3311.010NL INTERMEDIATE ACCOUNTING I
WEEK 6 HOMEWORK ASSIGNMENT
Homework Assignment due Monday, February 26,2024
E6.2(LO 1,2)(Simple and Compound Interest Computations) Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan withdraws the accumulated amount of money.
Instructions:
(a) Compute the amount Alan would withdraw assuming the investment earns simple interest.
\table[[Annual interest,$,-],[Number of years,-,],[Simple interest,-,],[Principal,-,],[Total withdrawn,$,-]]
(b) Compute the amount Alan would withdraw assuming the investment earns interest compounded annually.
\table[[Future value of 1 @ 8% for 8 periods,,-],[Principal,$,-],[Total withdrawn,$,-]]
(use Table 6.1pg.6-47)
(c) Compute the amount Alan would withdraw assuming the investment earns interest compounded semiannually.
\table[[Future value of 1@4% for 16 periods,,-],[Principal,$,-],[Total withdrawn,$,-]]
(use Table 6.1 pg.6-46)
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