How much would howard steele need to invest today so that he may withdraw $12,000 each year for the next 20 years, assuming a rate of 8 percent compounded annually? $117,817.20 or $454,144.00 or $112,817.20 or $549,144.

Sam opened a money-market account that pays 3% simple interest. he started the account with $7,000 and made no further deposits. when he closed the account, he had earned $420 in interest. how long did he keep his account open?