5% Fanagi Corp. borrowed $50,000 from its bank at a 6% annual interest rate and will repay $63, 124. Assume annual compounding. In approximately how many years will Fanagi repay the loan? Use the future value of $1 factor table shown below. Excerpt of Future Value of $1 Table Periods 1% 2% 3% 4% 6% 1 1.01000 1.02000 1.03000 1.04000 1.05000 1.06000 1.02010 1.04040 1.06090 1.08160 1.10250 1.12360 3 1.03030 1.06121 1.09273 1.12486 1.15763 1.19102 4 1.04060 1.08243 1.12551 1.16986 1.21551 1.26248 5 1.05101 1.10408 1.15927 1.21665 1.27628 1.33823 10 1.10462 1.21899 1.34392 1.48024 1.62889 1.79085 20 1.22019 1.48595 1.80611 2.19112 2.65330 3.20714 25 1.28243 1.64061 2.09378 2.66584 3.38635 4.29187 O A. 3 years O B. 2 years OC. 4 years OD. 5 years 2% Harlan Corporation deposits $200,000 every June 30th and December 31st in a savings account (beginning in the current year) for the next four years so that it can purchase a new piece of machinery at the end of four years. The interest rate is 4%. How much money will Harlan Corporation have at the end of four years? Use the future value of an ordinary annuity factor table shown below to derive your answer. Periods 1% 3% 4% 1 1 1 1 1 2 2.01000 2.02000 2.03000 2.04000 3 3.03010 3.06040 3.09090 3.12160 4.06040 4.12161 4.18363 4.24646 5 5.10101 5.20404 5.30914 5.41632 6 6.15202 6.30812 6.46841 6.63298 7 7.21354 7.43428 7.66246 7.89829 Nm 4 O A. $1,842,846 B. $849,292 O C. $824,322 OD. $1,716,594