Time Value of Money Concept

The following situations involve the application of the time value of money concept. Use the full factor when calculating your results.

Use the appropriate present or future value table:

FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1

4. Nancy Holmes deposited $7,000 in the bank on January 1 a few years ago. The bank pays an interest rate of 11% compounded annually, and the deposit is now worth $24,489. How many years has the deposit been invested? Round to the nearest whole year. fill in the blank ____ years