Rriof Exercise D-1 Terry Rees invested $7,100 at 6 annual interest, and left the

Question

Rriof Exercise D-1 Terry Rees invested $7,100 at 6 annual interest, and left the money invested without withdrawing any of the interest fnr 13 years. At the end f the 13 vears, 1erry thdraw the accumulated amount of money, (For calculatlon purposes, use 5 decimal places as displayed in the factor table provided (a) What amount did Jerry withdraw, assuming the investment earns simple interest? The amount lerry withdrew (b) What amount did Jerry withdraw, assuming tha investment earns interast compounded annually? (Round answer to 2 decimal places, e.g. 25.25.) The amount Jerry witndrew

Explanation / Answer

a The amount Jerry withdrew = 7100+(7100*6%*13)= 12638 b The amount Jerry withdrew = 7100*2.13293= 15143.80

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