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Question 4BE

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Intermediate Accounting (Kieso)
Found in: Page 302

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Short Answer

Bo Newman will invest $10,000 today in a fund that earns 5% annual interest. How many years will it take for the fund to grow to $17,100?

The funds will take 11 years to grow to $17100.

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Step by Step Solution

Computation

Number of years

By using future value table, n = 11years. According to the calculation, Bo Newman will take 11 years to grow the fund to $17,100.

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