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Tony Jackson invests $$30,700$ at $8\%$ annual interest, leaving the money invested without withdrawing any of the interest for $8$ years. At the end of the $8$ years, Tony withdraws the accumulated amount of money.

$($a$)$

Correct Answer $($Used$)$

Compute the amount Tony would withdraw assuming the investment earns simple interest.

Total withdrawn

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Solution

Attempts: $3$ of $3$ used

$($b$)$

Your answer is correct.

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Compute the amount Tony would withdraw assuming the investment earns interest compounded annually. $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.458,581.)$

Total withdrawn

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Your answer is correct.

Click here to view factor tables.

Compute the amount Tony would withdraw assuming the investment earns interest compounded annually. $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.458,581.)$

Total withdrawn $

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Attempts: $1$ of $3$ used

$($c$)$

X Your answer is incorrect.

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Compute the amount Tony would withdraw assuming the investment earns interest compounded semiannually. $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.458,581.)$

Total withdrawn $

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Attempts: $1$ of $3$ used

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