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Clara is setting up a retirement fund, and she plans on depositing $4,200 per year...

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Accounting

Clara is setting up a retirement fund, and she plans on depositing $4,200 per year in an investment that will pay 10% annual interest. How long will it take her to reach her retirement goal of $39,846? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

14 years

.105 years

7 years

3.5 years

9.49 years

#44

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