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Wasup Corp. is thinking of borrowing $110,000 from its bank at 8% annual interest rate. The amount that will be repaid is $149,654. Assume
Wasup Corp. is thinking of borrowing $110,000 from its bank at 8% annual interest rate. The amount that will be repaid is $149,654. 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 Periods 7% 8% 9% 1 1.07000 1.08000 1.09000 2 1.14490 1.16640 1.18810 3 1.22504 1.25971 1.29503 4 1.31080 1.36049 1.41158 567 1.40255 1.46933 1.53862 1.50073 1.58687 1.67710 653333 A. 3 years B. 6 years C. 5 years OD. 4 years D
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 1
1119048508, 978-1119048503
