How much money did les originally, Accounting Basics

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How much money did les originally

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, 1993, at an interest rate of 11% compounded annually. How much has accumulated in the account by January 1, 2010?

2. Mark Schultz deposited $43,200 in the bank on January 1, 2000. On January 2, 2010, 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, 2003. The bank pays interest at the rate of 8% compounded annually. On January 1, 2010, the deposit has accumulated to $30,000. How much money did Les originally deposit on January 1, 2003?

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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Accounting Basics: How much money did les originally

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Recent Questions Asked Accounting Basics

Q : What is dividends in arrears at the end

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Q : What is the unit sales using the formula method

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Q : How much money did les originally

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Accounting Basics: How much money did les originally

Reference No:- TGS0705953

Recent Questions Asked Accounting Basics

Q : What is dividends in arrears at the end

Q : Reallocation would shine a favorable light

Q : What is the unit sales using the formula method

Q : Explain the fundamental control concept

Q : How much money did les originally

Q : Where is the best place for the manager to get information

Q : What is the total direct material cost variance

Q : What is the total interest expense over the life

Q : What is the payables turnover rate

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