Current Attempt in Progress

Helen Altidore invested $$7,400$ at $12\%$ annual interest, and left the money invested without withdrawing any of the interest for $8$ years. At the end of the $8$ years, Helen 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 Helen withdraw, assuming the investment earns simple interest?

The amount Helen withdrew

$

$($b$)$ What amount did Helen withdraw, assuming the investment earns interest compounded annually? $($Round answer to $2$ decimal places, e$.$g$.25\mathrm{.}25.)$

The amount Helen withdrew

$