Answer
10 years
Work Step by Step
FV = PV (FVFn, i)
47, 347 = 20,000 (FVFn, 9%)
................. 47, 347 ÷ $20,000
..................FVFn, 9% = 2.3674
2.3674 is approximately the future value of 1 invested at 9% for 10 years.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 6 - Accounting and the Time Value of Money - Problems - Page 347: P6-2c
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