Lisa Altidore invested $7,000 at 7% annual interest, and left the money invested without withdrawing any of the interest for 12 years.At the end of the 12 years, Lisa withdrew the accumulated amount of money.Click here to view the factor table.(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)(a) What amount did Lisa withdraw, assuming the investment earns simple interest?The amount Lisa withdrew$(b) What amount did Lisa withdraw, assuming the investment earns interest compounded annually? (Round answer to 2 decimal places,e.g. 25.25.)The amount Lisa withdrew+A$

Simple Interest Formula: I=P×r×tWhere:I is the simple interest earned,P is the principal amount (the…

Answered: Lisa Altidore invested $7,000 at 7%…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 20P: Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows...

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Ruth Altidore invested $6,000 at 11% annual interest, and left the money invested without withdrawing any of the interest for 14 years. At the end of the 14 years, Ruth 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 Ruth withdraw, assuming the investment earns simple interest? The amount Ruth withdrew (b) What amount did Ruth withdraw, assuming the investment earns interest compounded annually? (Round answer to 2 decimal places, e.g. 25.25.) The amount Ruth withdrew $ %24
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 $
Paul White invested $7.200 at 8% annual interest, and left the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Paul withdrew the accumulated amount of money. Click here to view the factor table 1. Table 2 Table 3 Table 4 (a) What amount did Paul withdraw, assuming the investment earns simple interest? The amount Paul withdrew $ (b) What amount did Paul 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 Paul withdrew $
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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. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Click here to view the factor table. (a) Compute the amount John would withdraw assuming the investment earns simple interest. (Round answer to 0 decimal places, e.g. 458,581.) Total withdrawn %24
TO DO: Answer the questions below related to if simple interest versus compound interest were at play. Willie 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, Willie withdrew the accumulated amount of money. (a) What amount did Willie withdraw, assuming the investment earns simple interest? (b) What amount did Willie withdraw, assuming the investment earns interest compounded annually? Megan Company earns 6% on an investment that will return $450,000 8 years from now. What is the amount Megan should invest now, assuming the 6% will be constant, to have $450,000 in 8 years? TIP: The present value formula will be easiest (if that formula makes sense). You can also use the future value and "play" with numbers to see what makes it work. Finally, you could also set up a small spreadsheet to use numbers to get the desired math to work. Reach out if you are struggling.
Steven Jackson invests $57,000 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Steven withdraws the accumulated amount of money. (a) Compute the amount Steven would withdraw assuming the investment earns simple interest.(b) Compute the amount Steven would withdraw assuming the investment earns interest compounded annually.(c) Compute the amount Steven would withdraw assuming the investment earns interest compounded semiannually.
Jackie deposited $9,000 in an interest-bearing savings account and after 10 years, Jackie closes out the account, which is worth at that time $18,000. Assuming Jackie made no other deposits into the savings account during this 10-year period other than the initial amount of $9,000, what annual rate of interest did she earn over the 10 years? Note: Carry your final answer out two decimal places. C 6.45% C 7.18% 9.10% 10.0%
Karen invested $10,000 in a money market account with an interest rate of 1.75% compounded semiannually. Five years later, Karen withdrew the full amount to put toward the down payment on a new house. How much did Karen withdraw from the account?
Leon Ang invests HK$36,600 at 6% annual interest, leaving the money invested without withdrawing any of the interest for 6 years. At the end of the 6 years, Leon withdraws the accumulated amount of money. a. Compute the amount Sue would withdraw assuming the investment earns simple interest. b. Compute the amount Sue would withdraw assuming the investment earns interest compounded annually. c. Compute the amount Sue would withdraw assuming the investment earns interest compounded semiannually.
David Jackson invests $40,200 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, David withdraws the accumulated amount of money. Compute the amount David would withdraw assuming the investment earns simple interest.

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