 Compute the amount Lyle would withdraw assuming the investment earns simple interest.

Simple and Compound Interest Computations)

Lyle O ‘Keefe invests \$30,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Lyle withdrew the accumulated amount of money.

 (a) Compute the amount Lyle would withdraw assuming the investment earns simple interest. \$[img class=”answerMarker” src=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>
 (b) Compute the amount Lyle would withdraw assuming the investment earns interest compounded annually.(Round to 2 decimal places, e.g. 25,250.25. Hint: Use tables in text.) \$[img class=”answerMarker” src=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>
 (c) Compute the amount Lyle would withdraw assuming the investment earns interest compounded semiannually.(Round to 2 decimal places, e.g. 25,250.25. Hint: Use tables in text.) \$[img class=”answerMarker” src=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”

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