Wasup Corp A) 3 Years
B) 4 Years
C) 5 Years
D)

Multiple Choice

Wasup Corp. is thinking of borrowing $110,000 from its bank at 8% annual interest rate. The amount that will be repaid is $138,568. Assume annual compounding. In approximately how many years will Wasup Corp. need to repay the loan? Use the future value of $1 factor table shown below.
Excerpt of Future Value of $1 Table
$$\begin{array} { | c | c | c | c | } \hline \text { Periods } & \mathbf { 7 \% } & \mathbf { 8 \% } & \mathbf { 9 \% } \\\hline 1 & 1.07000 & 1.08000 & 1.09000 \\\hline 2 & 1.14490 & 1.16640 & 1.18810 \\\hline 3 & 1.22504 & 1.25971 & 1.29503 \\\hline 4 & 1.31080 & 1.36049 & 1.41158 \\\hline 5 & 1.40255 & 1.46933 & 1.53862 \\\hline 6 & 1.50073 & 1.58687 & 1.67710 \\\hline 7 & 1.60578 & 1.71382 & 1.82804 \\\hline\end{array}$$

A) 3 years
B) 4 years
C) 5 years
D) 6 years