T ime Value of Money Concept The following situations involve the application of the time value of money concept. Use th

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answerhappygod
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T ime Value of Money Concept The following situations involve the application of the time value of money concept. Use th

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T
ime 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
3. Lee Spony made a deposit in the bankon January 1, 2010. The bank pays interest at the rate of 10%compounded annually. On January 1, 2017, the deposit hasaccumulated to $13,120. How much money did Lee originally depositon January1, 2010? Round to the nearest whole dollar.
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