Marie has a $1,000,000 investment portfolio and she wishes to spend $87,500 per year as an ordinary annuity. If the investment account earns 6% annually, how long will her portfolio last? Use a calculator to determine your answer
A) 11.43 years
B) 14.17 years
C) 19.86 years
D) 23.08 years
Answer: C
Explanation: C) MODE = END
INPUT ? 6.0 -1,000,000 87,500 0
KEY N I/Y PV PMT FV
CPT 19.86
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