Clara is setting up a retirement fund, and she plans on depositing $5400 per year in an investment that will pay 6% annual interest. How long will it take her to reach her retirement goal of $71,176? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use
appropriate factor(s) from the tables provided.)
A. 0.076 years
B. 10 years
C. 5.0 years
D. 13.18 years
E. 20 years
Answer: B
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