Present Value of 1 Future Value of 1

question 61

Multiple Choice

Present Value of 1 Future Value of 1 Present Value of an Annuity of 1 Future Value of an Annuity of 1 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?

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

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Definitions:

Insurance Coverage

The amount and type of protection provided by an insurance contract against various risks, losses, or damages.

Careless Conduct

Negligent or reckless behavior that fails to consider the safety or wellbeing of others, potentially leading to harm or damage.

Negligence

The failure to take reasonable care to avoid causing injury or loss to another person, resulting in legal liability for the resulting harm.

Valuable Vase

An object, typically made of ceramic, glass, or porcelain, considered to have significant monetary or sentimental worth.