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

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Definitions:

Span of Control

The number of subordinates or direct reports that a manager or supervisor can effectively oversee.

Subordinates

Employees or team members who are lower in rank or position and report to someone higher in the organizational hierarchy.

Direct Reporting

The process where employees report directly to their immediate supervisor without intermediaries.

Organizational Designs

The planning and structuring of an organization's roles, responsibilities, and processes to achieve its goals efficiently.