How many years will your annuity last

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Reference no: EM13260501

Tonia 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.

1. 4.27 years
2. 3.13 years
3. 3.36 years
4. 3.59

Reference no: EM13260501

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