Fanagi Corp A) 35 Years
B) 25 Years
C) 30 Years
D)

Multiple Choice

Fanagi Corp. borrowed $57,000 from its bank at a 6% annual interest rate and will repay $182,807. Assume annual compounding. In approximately how many years will Fanagi repay the loan? Use the future value of $1 factor table shown below.
Excerpt of Future Value of $1 Table
$$\begin{array} { | c | c | c | c | c | c | c | } \hline \text { Periods } & 1 \% & 2 \% & 3 \% & 4 \% & 5 \% & 6 \% \\\hline 1 & 1.01000 & 1.02000 & 1.03000 & 1.04000 & 1.05000 & 1.06000 \\\hline 2 & 1.02010 & 1.04040 & 1.06090 & 1.08160 & 1.10250 & 1.12360 \\\hline 3 & 1.03030 & 1.06121 & 1.09273 & 1.12486 & 1.15763 & 1.19102 \\\hline 4 & 1.04060 & 1.08243 & 1.12551 & 1.16986 & 1.21551 & 1.26248 \\\hline 5 & 1.05101 & 1.10408 & 1.15927 & 1.21665 & 1.27628 & 1.33823 \\\hline 10 & 1.10462 & 1.21899 & 1.34392 & 1.48024 & 1.62889 & 1.79085 \\\hline 20 & 1.22019 & 1.48595 & 1.80611 & 2.19112 & 2.65330 & 3.20714 \\\hline 25 & 1.28243 & 1.64061 & 2.09378 & 2.66584 & 3.38635 & 4.29187 \\\hline 30 & 1.34785 & 1.81136 & 2.42726 & 3.24340 & 4.32194 & 5.74349 \\\hline 35 & 1.41660 & 1.99989 & 2.81386 & 3.94609 & 5.51602 & 7.68609 \\\hline 40 & 1.48886 & 2.20804 & 3.26204 & 4.80102 & 7.03999 & 10.28572 \\\hline\end{array}$$

A) 35 years
B) 25 years
C) 30 years
D) 20 years