The following situations involve the application of the time value of money concept. Use the full factor when calculating your results.

Use the appropriate present or future value table:

FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1

1. Janelle Carter deposited $9,840 in the bank on January 1, 2000, at an interest rate of 15% compounded annually. How much has accumulated in the account by January 1, 2017? Round to the nearest whole dollar. $

2. Mike Smith deposited $24,150 in the bank on January 1, 2007. On January 2, 2017, this deposit has accumulated to $43,249. Interest is compounded annually on the account. What rate of interest did Mike earn on the deposit? Round to the nearest whole percent. %

3. Lee Spony made a deposit in the bank on January 1, 2010. The bank pays interest at the rate of 10% compounded annually. On January 1, 2017, the deposit has accumulated to $13,840. How much money did Lee originally deposit on January1, 2010? Round to the nearest whole dollar. $

4. Nancy Holmes deposited $4,500 in the bank on January 1 a few years ago. The bank pays an interest rate of 11% compounded annually, and the deposit is now worth $11,511. How many years has the deposit been invested? Round to the nearest whole year. years