Question

Terry Nele invested $9,000 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, Terry withdrew the accumulated amount of money.
(a) What amount did Terry withdraw, assuming the investment earns simple interest?
(b) What amount did Terry withdraw, assuming the investment earns interest compounded annually?



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  • CreatedFebruary 17, 2014
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