34.

Clara is setting up a retirement fund, and she plans on depositing $4,100 per year in an investment that will pay 6% annual interest. How long will it take her to reach her retirement goal of $47,114? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

9 years

18 years

.087 years

11.49 years

4.5 years