Robert withdrew $100,000 from an account that paid 10 percent annual interest and used the funds to purchase real estate. After one year he sold the property for?
Incomplete
To determine the amount Robert sold the property for after one year, we need to calculate the interest earned on the initial withdrawal.
Since Robert withdrew $100,000 and the account pays 10 percent annual interest, the interest earned after one year can be calculated by multiplying the withdrawal amount by the interest rate:
Interest earned = $100,000 * 10% = $10,000
Therefore, Robert earned $10,000 in interest after one year. To find out the total amount he sold the property for, we need to add the interest earned to the initial withdrawal amount.