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ACCT3311.010NL INTERMEDIATE ACCOUNTING I WEEK 6 HOMEWORK ASSIGNMENT Homework Assignment due...

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Accounting

ACCT $3311.010$ NL INTERMEDIATE ACCOUNTING I

WEEK $6$ HOMEWORK ASSIGNMENT

Homework Assignment due Monday, February $26, 2024$

E $6.2 ($ LO $1, 2) ($ Simple and Compound Interest Computations $)$ Alan Jackson invests $ $20, 000$ at $8 %$ annual interest, leaving the money invested without withdrawing any of the interest for $8$ years. At the end of the $8$ years, Alan withdraws the accumulated amount of money.

Instructions:

$($ a $)$ Compute the amount Alan would withdraw assuming the investment earns simple interest.

$\$ table $[[$ Annual interest,$ $, -], [$ Number of years, $-,], [$ Simple interest, $-,], [$ Principal $, -,], [$ Total withdrawn,$ $, -]]$

$($ b $)$ Compute the amount Alan would withdraw assuming the investment earns interest compounded annually.

$\$ table $[[$ Future value of $1$ @ $8 %$ for $8$ periods,, $-], [$ Principal $,$ $ $, -], [$ Total withdrawn,$ $, -]]$

$($ use Table $6.1 p g . 6 - 47)$

$($ c $)$ Compute the amount Alan would withdraw assuming the investment earns interest compounded semiannually.

$\$ table $[[$ Future value of $1$ @ $4 %$ for $16$ periods,, $-], [$ Principal $,$ $ $, -], [$ Total withdrawn,$ $, -]]$

$($ use Table $6.1$ pg $. 6 - 46)$

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