Intermediate Accounting 14th Edition

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: P6-2d

Answer

4 years

Work Step by Step

FV = PV (FVFn, i) 27,600 = 19, 553 (FVF4, i) ..............=$27,600 ÷ 19,553 ..............FVF4, i = 1.4115 1.4115 is the future value of 1 invested at 9% for 4 years.
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