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. Compute the amount John would withdraw assuming the investment earns interest compounded semiannually.
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. Compute the amount John would withdraw assuming the investment earns interest compounded semiannually.
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 39P
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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.
Compute the amount John would withdraw assuming the investment earns interest compounded semiannually.
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