You Have Saved $47,000 for College and Wish to Use

Multiple Choice

You have saved $47,000 for college and wish to use $15,000 per year.If you use the money as an ordinary annuity and earn 6.15% on your investment,how many years will your annuity last? Use a calculator to determine your answer.

A) 4.27 years
B) 3.13 years
C) 3.59 years
D) 3.36 years