Glen Wants to Take a Holiday That Costs $8,850, but Currently

Multiple Choice

Glen wants to take a holiday that costs $8,850, but currently he only has $2,750 saved. If he invests this money at 8 percent interest compounded annually, how long will he have to wait to take his holiday? Use a financial calculator to make the calculation.

A) 12.36 years
B) 16.25 years
C) 15.19 years
D) 13.52 years
E) 14.12 years