Your Subscription to Consumer Reports Is About to Expire

Multiple Choice

Your subscription to Consumer Reports is about to expire.You may renew it for $24 a year or, instead, you may get a lifetime subscription to the magazine for a onetime payment of $400 today.Payments for the regular subscription are made at the beginning of each year.Using a discount rate of 5%, how many years does it take to make the lifetime subscription the better deal?

A) 25 years
B) 28 years
C) 30 years
D) 40 years