Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Appendix D - Time Value of Money - Brief Exercises: BED-5

Answer

The maximum amount that can be withdrawn is $12,800.

Work Step by Step

The amount that can be withdrawn is the total of the principal and the interest earned. $t=8000+4800=12,800$
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