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

Janelle Carter deposited $9,750 in the bank on January 1, 1997, at an interest rate of 12% compounded annually. How much has accumulated in the account by January 1, 2014?

Mike Smith deposited $21,600 in the bank on January 1, 2004. On January 2, 2014, this deposit has accumulated to $42,486. Interest is compounded annually on the account. What rate of interest did Mike earn on the deposit?

Lee Spony made a deposit in the bank on January 1, 2007. The bank pays interest at the rate of 8% compounded annually. On January 1, 2014, the deposit has accumulated to $15,000. How much money did Lee originally deposit on January1, 2007?

Nancy Holmes deposited $5,800 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 $15,026. How many years has the deposit been invested?