Multiple Choice
Clara is setting up a retirement fund, and she plans on depositing $5,000 per year in an investment that will pay 7% annual interest. How long will it take her to reach her retirement goal of $69,082? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)
A) 20 years
B) 13.816 years
C) 10 years
D) 0.072 years
E) 5 years
Correct Answer:
Verified
Correct Answer:
Verified
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