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Question - simple and compound interest computations

Question - 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.

Instructions -

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

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

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Accounting Basics: Question - simple and compound interest computations

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