Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brief exercise g-1 x your answer is incorrect. try

Brief Exercise G-1 x Your answer is incorrect. Try again. Jory Altidore invested $7,000 at...

90.2K

Verified Solution

Question

Accounting

image
Brief Exercise G-1 x Your answer is incorrect. Try again. Jory 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, Jory 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 Jory withdraw, assuming the investment cams imple interest? Accumulated amount 58800 (b) What amount did Jory withdraw, assuming the investment earns interest compounded annually? (Round answer to 2 decimal places, e.g. 25.25.) Accumulated amount 75600

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students