Apply the time value of money in the following independent situations: 1. Jason Marx deposited $29,500 in the bank on January 1, 1999, at an interest rate of 12% compounded annually. How much has accumulated in the account by January1, 2016? 2. June Cunningham deposited $54,200 in the bank on January 1, 2006. On January 2, 2016, this deposit has accumulated to $106,611. Interest is compounded annually on the account. What rate of interest did June earn on the deposit?