You have saved $47,000 for college and wish to use $15,000 per year. If you use the money as an ordinary annuity and earn 6.15% on your investment, how many years will your annuity last? Use a calculator to determine your answer
A) 4.27 years
B) 3.13 years
C) 3.59 years
D) 3.36 years
Answer: C
Explanation: C) MODE = END
INPUT ? 6.15 -47,000 15,000 0
KEY N I/Y PV PMT FV
CPT 3.59
Business
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