Task: Please help with the following problems.
Lyle O'Keefe invests $37,400 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. (Round answers to 0 decimal places, e.g. $458,581.)
(b) Compute the amount Lyle would withdraw assuming the investment earns interest compounded annually. (Round answers to 0 decimal places, e.g. $458,581.)
(c) Compute the amount Lyle would withdraw assuming the investment earns interest compounded semiannually. (Round answers to 0 decimal places, e.g. $458,581.)