Your parents have an investment portfolio of 400,000, and they ...

[melina_rosy]

Your parents have an investment portfolio of 400,000, and they wish to take out cash flows of 50,000 per year as an ordinary annuity.
 
  How long will their portfolio last if the portfolio is invested at an annual rate of 4.50? Use a calculator to determine your answer.
  A) 8.00 years
  B) 9.10 years
  C) 9.60 years
  D) 10.14 years

Question 2

You have 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.
 
  A) 4.27 years
  B) 3.13 years
  C) 3.59 years
  D) 3.36 years

[cegalasso]

Answer to Question 1

Answer: D
Explanation: D) MODE = END
INPUT ? 4.50 -400,000 50,000 0
KEY N I/Y PV PMT FV
CPT 10.14

Answer to Question 2

Answer: C
Explanation: C) MODE = END
INPUT ? 6.15 -47,000 15,000 0
KEY N I/Y PV PMT FV
CPT 3.59

[melina_rosy]

Great answer, keep it coming

[gcook]

Thanks for the timely response, appreciate it