Paul Wants to Accumulate $14,500 in Order to Make the Down

Multiple Choice

Paul wants to accumulate $14,500 in order to make the down payment for a new condo. Today he can start investing $2,500 annually in an investment account that pays 10 percent interest compounded annually. How long would it take him to have enough money to make the down payment?

A) 3.50 years
B) 5.90 years
C) 6.10 years
D) 4.80 years
E) 7.60 years