(Solved by Humans)-Problem 9-11A Time Value of Money Concept The following situations involve the application of the...
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Problem 9-11A Time Value of Money Concept The following situations involve the application of the time value of money concept: 1. Jan Cain deposited $19,500 in the bank on January 1, 1997, at an interest rate of 12% com- pounded annually. How much has accumulated in the account by January1, 2014? 2. Mark Schultz deposited $43,200 in the bank on January 1, 2004. On January 2, 2014, this deposit has accumulated to $84,974. Interest is compounded annually on the account. What rate of interest did Mark earn on the deposit? 3. Les Hinckle made a deposit in the bank on January 1, 2007. The bank pays interest at the rate of 8% compounded annually. On January 1, 2014, the deposit has accumulated to $30,000. How much money did Les originally deposit on January 1, 2007? 4. Val Hooper deposited $11,600 in the bank on January 1 a few years ago. The bank pays an interest rate of 10% compounded annually, and the deposit is now worth $30,052. For how many years has the deposit been invested?
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This question was answered on: 10 May, 2025
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