A company expects to invest $5,000 today at 12% annual interest and plans to receive $15,529 at the end of the investment period. How many years will elapse before the company accumulates the $15,529? (^PV^of^$1, ^FV^of^$1, ^PVA^of^$1, and ^FVA^of^$1) (Use appropriate factor(s) from the tables provided.) A) 8 years B) 0.322 years C) 10 years D) 3.1058 years E) 5 years

Question

Quizplus · Accepted Answer

Using the future value formula FV = PV * (1 + r)^n, where FV is $15,529, PV is $5,000, and r is 12%, solving for n gives approximately 10 years.

A Company Expects to Invest $5,000 Today at 12% Annual