Jan cain deposited 19500 in the bank on january 1 1993 at

Assignment Help Accounting Basics

Reference no: EM13598453

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?

Reference no: EM13598453

Questions Cloud

Hg livery supply had a beginning accounts payable balance : hg livery supply had a beginning accounts payable balance of 7300 and an ending accounts pyable balance of 55100.

Assume the same set of facts for stacy company as in : assume the same set of facts for stacy company as in problem 10-2 except that the market rate og interest of junuary 1

The standard materials cost to produce one unit of product : the standard materials cost to produce one unit of product k is 7 pounds of material at a standard price of 32 per

The manager of belle home improvements purchased several : the manager of belle home improvements purchased several cash registers for the business on june 10 but does not

Jan cain deposited 19500 in the bank on january 1 1993 at : the following situations involve the application of the time value of money concept1. jan cain deposited 19500 in the

Which of the following is not a fundamental control concept : 1.which one of the following would be the most persuasive type of evidence? a. check register b. bank statement c.

Maxson products distributes a single product a woven basket : maxson products distributes a single product a woven basket whose selling price is 8 and whose variable cost is 6 per

Robert buey became chief executive officer of phelps : robert buey became chief executive officer of phelps manufacturing two years ago. at the time the company was reporting

Fetcher inc has 5000 shares of 5 100 par value cumulative : fletcher inc. has 5000 shares of 5 100 par value cumulative preferred stock and 25000 shares of 1 par value common

User Account

All Pages