Time Value of Money Concept The following situations involve the application of the time value of money concept. Use the

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Time Value of Money Concept
The following situations involve the application of the timevalue of money concept. Use the full factor when calculating yourresults.
Use the appropriate present or future value table:
FV of $1, PV of $1, FV of Annuity of$1 and PV of Annuity of $1
4. Nancy Holmes deposited $7,000 in thebank on January 1 a few years ago. The bank pays an interest rateof 11% compounded annually, and the deposit is now worth $24,489.How many years has the deposit been invested? Round to the nearestwhole year.fill in the blank ____ years