Use the Following to Answer Questions

Multiple Choice

Use the following to answer questions
Bob Lower wants to retire in 10 years. At that time he wants to have a lump sum accumulated that would allow him to withdraw $35,000 a year for the next 20 years. Assume that Bob earns an after-tax return of eight percent. Ignore the inflation in these calculations.
- If an investor can earn nine percent on his money, how many years will it take to double the principal?

A) 9
B) 6
C) 7
D) 12
E) None of the above answers are correct