Time value of money and retirement

5.Today, Mike and Teresa each have $550,000 in an investment account.No other contributions will be made to their investment accounts.Both have the same goal:They each want their account to reach $1 million, at which time each will retire.Mike has his money invested in risk-free securities with an expected annual return of 3%.Teresa has her money invested in a stock fund with an expected annual return of 9%.How many years after Teresa retires will Mike retire?

a.6.94

b.9.33

c.13.29

d.16.50

e.20.23

I got answer c. 13.29, is that right?

They both start off with $550,000, but in year 8 Teresa has $1,005,421.52 and Mike only has $676,430.63. Mike gets to 1 million in year 22 when he reaches $1,023,162.01. So-- Teresa retired 13.29 years before Mike.