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The maximum amount that can be withdrawn is $12,800.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The amount that can be withdrawn is the total of the principal and the interest earned.
$t=8000+4800=12,800$
Accounting: Tools for Business Decision Making, 5th Edition
by Kimmel, Paul D.; Weygandt, Jerry J.; Kieso, Donald E.
Published by
Wiley
ISBN 10:
1118128168
ISBN 13:
978-1-11812-816-9
Appendix D - Time Value of Money - Brief Exercises - Page D-18: BED-5
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