Clara is setting up a retirement fund, and she plans on depositing $5,900 per year in an investment that will pay 6% annual interest. How long will it take her to reach her retirement goal of $49,523? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

• 3.5 years

• 8.39 years

• .119 years

• 7 years

• 14 years