Wava Harrington ACG 2021 Week 5

# Wava Harrington ACG 2021 Week 5 - General Instructions 1...

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General Instructions 1. The following worksheet may be used to complete the exercise/problem. You may need to refer to your textbook for additional information. 3. The completed exercise/problem may be printed or e-mailed per direction from your instructor. P9-11A 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, 1999, at an interest rate of 12% co How much has accumulated in the account by January 1, 2016? Interest rate 12% Years 17 years Future value factor p(1+i)^17 Amount deposited \$ 19,500 Amount accumulated \$ 133,888 2. Mark Schultz deposited \$43,200 in the bank on January 1, 2006. On January 2, 2016, this accumulated to \$84,974. Interest is compounded annually on the account. What rate of inte the deposit? Amount deposited \$ 43,200 Amount accumulated 84,974 Years 10 years Future value factor 1.967 Interest rate 10% 3. Les Hinckle made a deposit in the bank on January 1, 2009. The bank pays interest at th compounded annually. On January 1, 2016, the deposit has accumulated to \$30,000. How m originally deposit on January 1, 2009?

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