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How many years would erik have to wait

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Reference no: EM133009951

Problem 1: Erik has a famous painting that he hopes to sell for $24,000 in the future (FV). He was just offered $19,000 for the painting. At a discount rate of 6.5% with quarterly compounding, how many years would Erik have to wait if he wanted to sell for the $24,000?

Group of answer choices

Option 1: 14.49 years

Option 2: 3.62 years

Option 3: 3.71 years

Option 4: 14.84 years

Reference no: EM133009951

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