eBook Question Content Area Time Value of Money Concept The following situations involve the application of the time val

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eBook Question Content Area Time Value of Money Concept The following situations involve the application of the time val

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eBook
Question Content Area
Time Value of Money Concept
The following situations involve the application of the timevalue of money concept. Use the full factor when calculating yourresults.
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
2. Mike Smith deposited $22,880 in thebank on January 1, 2007. On January 2, 2017, this deposit hasaccumulated to $49,396. Interest is compounded annually on theaccount. What rate of interest did Mike earn on the deposit? Roundto the nearest whole percent.
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