Lisa Altidore invested $7,000 at 7% annual interest, and left the money invested without withdrawing any of the interest for 12 years.At the end of the 12 years, Lisa withdrew the accumulated amount of money.Click here to view the factor table.(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)(a) What amount did Lisa withdraw, assuming the investment earns simple interest?The amount Lisa withdrew$(b) What amount did Lisa withdraw, assuming the investment earns interest compounded annually? (Round answer to 2 decimal places,e.g. 25.25.)The amount Lisa withdrew+A$

Simple Interest Formula: I=P×r×tWhere:I is the simple interest earned,P is the principal amount (the…

Answered: Lisa Altidore invested $7,000 at 7%…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ruth Altidore invested $6,000 at 11% annual interest, and left the money invested without withdrawing any of the interest for 14 years. At the end of the 14 years, Ruth withdrew the accumulated amount of money. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) What amount did Ruth withdraw, assuming the investment earns simple interest? The amount Ruth withdrew (b) What amount did Ruth withdraw, assuming the investment earns interest compounded annually? (Round answer to 2 decimal places, e.g. 25.25.) The amount Ruth withdrew $ %24
Jozy Altidore invested $6,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years At the end of the 12 years, Jozy withdrew the accumulated amount of money. Click here to view the factor table 1. Table 2 Table 3 Table 4 (a) What amount did Jozy withdraw, assuming the investment earns simple interest? The amount Jozy withdrew (b) What amount did Jozy withdraw, assuming the investment earns interest compounded annually? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 5.25471. Round answer to 2 decimal places, e.g. 25.25.) The amount Jozy withdrew $
John Bryant invests $45,000 at 9% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, John withdraws the accumulated amount of money. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Click here to view the factor table. (a) Compute the amount John would withdraw assuming the investment earns simple interest. (Round answer to 0 decimal places, e.g. 458,581.) Total withdrawn %24
Steven Jackson invests $57,000 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Steven withdraws the accumulated amount of money. (a) Compute the amount Steven would withdraw assuming the investment earns simple interest.(b) Compute the amount Steven would withdraw assuming the investment earns interest compounded annually.(c) Compute the amount Steven would withdraw assuming the investment earns interest compounded semiannually.
TO DO: Answer the questions below related to if simple interest versus compound interest were at play. Willie invested $6,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Willie withdrew the accumulated amount of money. (a) What amount did Willie withdraw, assuming the investment earns simple interest? (b) What amount did Willie withdraw, assuming the investment earns interest compounded annually? Megan Company earns 6% on an investment that will return $450,000 8 years from now. What is the amount Megan should invest now, assuming the 6% will be constant, to have $450,000 in 8 years? TIP: The present value formula will be easiest (if that formula makes sense). You can also use the future value and "play" with numbers to see what makes it work. Finally, you could also set up a small spreadsheet to use numbers to get the desired math to work. Reach out if you are struggling.
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. b. Compute the amount Alan would withdraw assuming the investment earns interest compounded annually. c. Compute the amount Alan would withdraw assuming the investment earns interest compounded semiannually.
Supposed 30 years ago your mother deposited $1,400 in an investment account earning 6.0% per year. After 9 years she withdrew $434. There were no additional deposits or withdrawals from the account. Obtain today's value of the investment account.
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Lisa invested $5000 in a fund for 5 years and was paid simple interest. The total interest that she received on the investment was $1000. As a percentage, what was the annual interest rate of her investment? If necessary, refer to the list of financial formulas.
(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.(b) Compute the amount Alan would withdraw assuming the investment earns interest compounded annually.(c) Compute the amount Alan would withdraw assuming the investment earns interest compounded semiannually.
Andrew and Emma Garfield invested $6,100 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 16 (including her 16th birthday). How much was in the savings account on her 16th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Please don't provide answer in image format thank you
Tony invests $9,300 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Tony will withdraw the accumulated amount of money. Click here to view factor tables (a) Compute the amount Tony would withdraw assuming the investment earns simple interest. Total withdrawn eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

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