Lloyd is a divorce attorney who practises law in Nova Scotia. He wants to join the Canadian Divorce Lawyers Association (CDLA), a professional organization for divorce attorneys. The membership dues for the CDLA are $500 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the CDLA also has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you remain a member for only a couple of years, but if you remain a member for 40 years, it's a great deal. Suppose that the appropriate annual interest rate is 8.5%. What is the minimum number of years that Lloyd must remain a member of the CDLA so that the lifetime membership is cheaper (on a present value basis) than paying $500 in annual membership dues? (Note: Round your answer up to the nearest year.) 15 years 19 years 20 years 13 years