Michael Jones invested $6,300 at 11% annual interest, and left the money invested without withdrawing any...

Transcribed Image Text:

Michael Jones invested $6,300 at 11% annual interest, and left the money invested without withdrawing any of the interest for 11 years. At the end of the 11 years, Michael withdrew the accumulated amount of money. Click here to view the factor table 1. Table 2 Table 3 Table 4 (a) What amount did Michael withdraw, assuming the investment earns simple interest? The amount Michael withdrew $ (b) What amount did Michael 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 Michael withdrew $ SUPPORT Michael Jones invested $6,300 at 11% annual interest, and left the money invested without withdrawing any of the interest for 11 years. At the end of the 11 years, Michael withdrew the accumulated amount of money. Click here to view the factor table 1. Table 2 Table 3 Table 4 (a) What amount did Michael withdraw, assuming the investment earns simple interest? The amount Michael withdrew $ (b) What amount did Michael 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 Michael withdrew $ SUPPORT

Answer rating: 100% (QA)

a Simple Interest Simple interest is calculated only on the initial principal amount Heres ho... View the full answer