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Sheffield Corp. will receive $940000 in a future year. If the future receipt is discounted at an interest rate of 8%, its present value is

Sheffield Corp. will receive $940000 in a future year. If the future receipt is discounted at an interest rate of 8%, its present value is $592360. In how many years is the $940000 received?

6 years

8 years

5 years

7 years

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