When Barry Reaches His 40^th Birthday He Will Receive $10,000

Multiple Choice

When Barry reaches his 40^th birthday he will receive $10,000 which he will put into his retirement fund. His goal is to have $500,000 in the retirement fund on his 65^th birthday. To reach his goal, he will make equal deposits of $1,520 at the end of every six months leading up to his 65^th birthday. He can expect his investments to earn 13% compounded semi-annually. At what age must he start the semi-annual deposits of $1,520 in order to reach his goal?

A) 25
B) 30
C) 35
D) 40
E) 45