Essay
Apply the time value of money in the following independent situations:
1. Jason Marx deposited $29,500 in the bank on January 1, 1998, at an interest rate of 12% compounded annually. How much has accumulated in the account by January1, 2015?
2. June Cunningham deposited $54,200 in the bank on January 1, 2005. On January 2, 2015, this deposit has accumulated to $106,611. Interest is compounded annually on the account. What rate of interest did June earn on the deposit?
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1. $29,500 × 6.86604 future va...View Answer
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