Clara Is Setting Up a Retirement Fund,and She Plans on Depositing

question 29

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)13.816 years
• B)0.072 years
• C)10 years
• D)20 years
• E)5 years

---

Definitions:

Performance Measurement

A method used by organizations to evaluate and assess the efficiency and effectiveness of its operations, often by analyzing quantitative data.

Promotion

The advancement of an employee to a higher position or job title within a company.

Instrumentality

The belief or expectation that performing a given behavior is associated with a particular outcome.

Performance Impact

The effect or influence that an individual's or group's actions have on the overall outcomes or goals of a project or organization.