Multiple Choice
Your parents have an investment portfolio of $450,000,and they wish to take out cash flows of $60,000 per year as an ordinary annuity.How long will their portfolio last if the portfolio is invested at an annual rate of 4.50%? Use a calculator to determine your answer.
A) 8.00 years
B) 9.10 years
C) 9.35 years
D) 10.14 years
Correct Answer:
Verified
Correct Answer:
Verified
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