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 $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 $
Transcribed Image Text: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 $
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