please use actual formula, not an excel formula

6.14 The Bad Guys Co. is notoriously known as a slow-payer. They currently need to borrow $25,000 and only one company will even deal with them. The terms of the loan call for daily payments of $30.76. The first payment is due today. The interest rate is 21% compounded daily. What is the time period of this loan? Assume 365 days a year. A. 2.88 years B.2.94 years C. 3.00 years D. 3.13 years E. 3.25 years