Tom Thompson expects to invest 23000 at 6 and at the end of

Tom Thompson expects to invest $23,000 at 6% and, at the end of a certain period, receive $58,429. How many years will it be before Thompson receives the payment? (PV of $1, FV of $1, PVA of $1, and FVA of $1 (Use appropriate factor(s) from the tables provided Round \"Table Factor\" to 4 decimal places.) Future Value Present Value Table Factor Years years

Solution

Future Value ÷ Present Value = Table Factor Years $58,429 ÷ $23,000 = 2.5404 16 years