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Compute the amount George would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. 458,581.)

User Saggex
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Answer:

the first part of the question is missing, so I looked for a similar one:

George Jackson invests $40,500 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Alan withdraws the accumulated amount of money.

total amount of money in the account earning simple interest = principal x interest rate x time = $40,500 + ($40,500 x 10% x 10) = $81,000

if the interest was compounded annually, then the total amount would be = $40,500 x (1 + 10%)¹⁰ = $105,046.57

if the interest was compounded semiannually, then the total amount would be = $40,500 x (1 + 5%)²⁰ = $107,458.56

User Derkyjadex
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