-Jim Hall invested $12,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jim withdrew the accumulated amount of money. What amount did Jim withdraw, assuming the investment earns compounded interest?
A) $14,400
B) $38,066
C) $26,400
D) $15,783

Question

-Jim Hall invested $12,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jim withdrew the accumulated amount of money. What amount did Jim withdraw, assuming the investment earns compounded interest?
A) $14,400 
B) $38,066 
C) $26,400 
D) $15,783

Quizplus · Accepted Answer

The Answer is B

-Jim Hall Invested $12,000 at 8% Annual Interest and Left