Future receipt discounted at interest rate

Reference no: EM13150302

Swanson Company will receive $100,000 in a future year. If the future receipt is discounted at an interest rate of 8%, its present value is $63,017. In how many years is the $100,000 received?

a. 5 years

b. 6 years

c. 7 years

d. 8 years

Reference no: EM13150302

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