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Kunkle Company wishes to earn 9% annually on its investments. If Kunkle makes an investment that equals or exceeds that rate, it considers it a
Kunkle Company wishes to earn 9% annually on its investments. If Kunkle makes an investment that equals or exceeds that rate, it considers it a success. Assume that Kunkle invests $2.8 million and gets $350,000 in return at the end of each year for X years. Assume that Kunkle can't invest for fractional parts of a year. What is the minimum value of X (number of years) for which Kunkle will consider the investment a success? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole number. (FV of $1, PV of $1, FVA of $1,PVA of $1, FVAD of $1 and PVAD of $1 ) Multiple Choice 10 years. 15 years. 13 years. 12 years
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