Some Time Ago, Richard Purchased Five Acres of Land Costing

Multiple Choice

Some time ago, Richard purchased five acres of land costing $123,400. Today, that land is valued at $189,700. How long has he owned this land if the price of land has been increasing at 5.5% per year?

A) 6.01 years
B) 6.98 years
C) 7.42 years
D) 8.03 years
E) 8.67 years