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
Show work.