20. Some time ago, Richard purchased five acres of land costing $123,400. Today, that land is valued at $189,700. How long has he owned this land if the price of land has been increasing at 5.5 percent per year?

A. 6.01 years

B. 6.98 years

C. 7.42 years

D. 8.03 years

E. 8.67 years