Computing pv-fv-pmt, The following conditions involve the

Computing pv-fv-pmt

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Reference no: EM1327568

The following situations involve the application of the time value of money concept.

1. Janelle Carter deposited $9,750 in the bank on January 1, 1991, at an interest rate of 11% compounded annually. How much has accumulated in the account by January 1, 2008?

2. Mike Smith deposited $21,600 in the bank on January 1, 1998. On January 2, 2008, this deposit has accumulated to $42,487. Interest is compounded annually on the account. What rate of interest did Mike earn on the deposit?

3. Lee Spony made a deposit in the bank on January 1, 2001. The bank pays interest at a rate of 8% compounded annually. On January 1, 2008, the deposit has accumulated to $15,000. How much money did Lee originally deposit on January1, 2001?

4. Nancy Holmes deposited $5,800 in the bank on January 1 a few years ago.. The bank pays an interest of 10% compounded annually, and the deposit is now worth $15,026. How years has the deposit been invested?

Reference no: EM1327568

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Computing pv-fv-pmt : The following conditions involve the application of time value of money concept. Janelle Carter deposited $9,750 in the bank on January 1, 1991, at the interest rate of 11% compounded annually. How much has accumulated in account by January 1, 2008?

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