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

question 101

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

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