Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Oct 2017 My Price 6.00

value of money

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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Maurice Tutor
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Status NEW Posted 10 Oct 2017 01:10 PM My Price 6.00

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