The given situations include application of time value of money concept.
Jan Cain deposited $19,500 in bank on January 1, 1995, at the interest rate of 12% compounded annually. How much has accumulated in account by January 1, 2012?
Mark Schultz deposited $43,200 in bank on January, 2002. On January 2, 2012, the deposit has accumulated to $84.974. Interest is compounded annually on account. Find rate of interest Mark earned on deposit?
Les Hinckle made the deposit in bank on January 1, 2005. Bank pays interest at rate of deposit has accumulated to $30,000. How much money Les originally deposited on January 1, 2005?
Val Hooper deposited $11,600 in bank on January 1 a few years ago. Bank pays the interest rate of 10% compounded annually, and deposit is now worth $30,052. For how many years has deposit been invested?