Wasup Corp. is thinking of borrowing $110,000 from its bank at 8% annual interest rate. The amount that will be repaid is $138,568. Assume annual compounding. In approximately how many years will Wasup Corp. need to repay the loan? Use the future value of $1 factor table shown below.
Excerpt of Future Value of $1 Table
$$\begin{array} { | c | c | c | c | }
\hline \text { Periods } & \mathbf { 7 \% } & \mathbf { 8 \% } & \mathbf { 9 \% } \
\hline 1 & 1.07000 & 1.08000 & 1.09000 \
\hline 2 & 1.14490 & 1.16640 & 1.18810 \
\hline 3 & 1.22504 & 1.25971 & 1.29503 \
\hline 4 & 1.31080 & 1.36049 & 1.41158 \
\hline 5 & 1.40255 & 1.46933 & 1.53862 \
\hline 6 & 1.50073 & 1.58687 & 1.67710 \
\hline 7 & 1.60578 & 1.71382 & 1.82804 \
\hline
\end{array}$$
A) 3 years
B) 4 years
C) 5 years
D) 6 years

Question

Wasup Corp. is thinking of borrowing $110,000 from its bank at 8% annual interest rate. The amount that will be repaid is $138,568. Assume annual compounding. In approximately how many years will Wasup Corp. need to repay the loan? Use the future value of $1 factor table shown below.
 Excerpt of Future Value of $1 Table
$$\begin{array} { | c | c | c | c | } 
\hline \text { Periods } & \mathbf { 7 \% } & \mathbf { 8 \% } & \mathbf { 9 \% } \
\hline 1 & 1.07000 & 1.08000 & 1.09000 \
\hline 2 & 1.14490 & 1.16640 & 1.18810 \
\hline 3 & 1.22504 & 1.25971 & 1.29503 \
\hline 4 & 1.31080 & 1.36049 & 1.41158 \
\hline 5 & 1.40255 & 1.46933 & 1.53862 \
\hline 6 & 1.50073 & 1.58687 & 1.67710 \
\hline 7 & 1.60578 & 1.71382 & 1.82804 \
\hline
\end{array}$$
A) 3 years
B) 4 years
C) 5 years
D) 6 years

Quizplus · Accepted Answer

The Answer of Wasup Corp. is thinking of borrowing $110,000 from its bank at 8% annual interest rate. The amount that will be repaid is $138,568. Assume annual compounding. In approximately how many years will Wasup Corp. need to repay the loan? Use the future value of $1 factor table shown below.
 Excerpt of Future Value of $1 Table
$$\begin{array} { | c | c | c | c | } 
\hline \text { Periods } & \mathbf { 7 \% } & \mathbf { 8 \% } & \mathbf { 9 \% } \
\hline 1 & 1.07000 & 1.08000 & 1.09000 \
\hline 2 & 1.14490 & 1.16640 & 1.18810 \
\hline 3 & 1.22504 & 1.25971 & 1.29503 \
\hline 4 & 1.31080 & 1.36049 & 1.41158 \
\hline 5 & 1.40255 & 1.46933 & 1.53862 \
\hline 6 & 1.50073 & 1.58687 & 1.67710 \
\hline 7 & 1.60578 & 1.71382 & 1.82804 \
\hline
\end{array}$$
A) 3 years
B) 4 years
C) 5 years
D) 6 years

Wasup Corp A) 3 Years B) 4 Years C) 5 Years D)

Wasup Corp A) 3 Years
B) 4 Years
C) 5 Years
D)