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, 1995, at an interest rate of 12% compounded annually. How much has accumulated in the account by January 1, 2012?

2. Mark Schultz deposited $43,200 in the bank on January 1, 2002. On January 2, 2012, 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, 2005. The bank pays interest at the rate of 8% compounded annually. On January 1, 2012, the deposit has accumulated to $30,000. How much money did Les originally deposit on January 1, 2005?

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?