Paul Wants to Accumulate $14,500 for the Down Payment for a New

Multiple Choice

Paul wants to accumulate $14,500 for the down payment for a new condo. He plans to start investing $2,500 annually beginning today. The investment account will pay 10 percent interest compounded annually. How long would it take him to accumulate enough money to make the down payment?

A) 3.5 years
B) 5.9 years
C) 6.1 years
D) 4.4 years
E) 4.8 years