The Purchasing Power P (In Dollars) of an Annual Amount

Multiple Choice

The purchasing power P (in dollars) of an annual amount of A dollars after t years of 4% inflation decays according to . How long will it be before a pension of $60,000 per year has a purchasing power of $30,000? Round your answer to one decimal place. ​

A) 1.0 year
B) 9.7 years
C) 15.8 years
D) 35.7 years
E) 17.3 years