Clara Is Setting Up a Retirement Fund, and She Plans

question 14

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

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