Answer
Total withdrawn = 55,527.90
Work Step by Step
Interest compounded annually: Future value of:
1 at 8% for 8 periods (1.85093 X 30,000)= Total withdrawn 55,527.90
**We use the future value tables to obtain the value 1.85093.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 6 - Accounting and the Time Value of Money - Exercises - Page 343: E6-2b
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
