8. Paul needs to have $4 million in order to retire. Currently, he has $1.4 million in a savings account that earns 5.3% interest (compounded annually). If he makes no other contributions, in how many years will he reach is goal? (Note: ignore tax considerations for this question)

   1. About 10.16 years

   2. About 14.95 years

   3. About 18.60 years

   4. About 20.33 years

   5. None of the above.