You Have Saved $44,000 for College and Wish to Use

question 96

Multiple Choice

You have saved $44,000 for college and wish to use $12,000 per year.If you use the money as an ordinary annuity and earn 5.15% on your investment,how many years will your annuity last? Use a calculator to determine your answer.

• A)4.27 years
• B)4.17 years
• C)3.59 years
• D)3.36 years

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Definitions:

Socio-Historical Context

The combination of social, economic, cultural, and historical circumstances at a certain time that influences individuals, communities, and societies.

Prospective Therapist

An individual in the process of completing the necessary education, training, and licensure to become a professional therapist.

Maladaptive Behaviour

Actions or tendencies that are counterproductive to oneself or others, often hindering coping with life's challenges.

Abnormality

A deviation from the norm or average, often used in psychology to describe behavior or patterns that differ significantly from societal expectations.