You are saving up to buy a car. The car will cost $35,000. If you put $20,000 into an investment portfolio that pays an average 5% return per year, how long must you wait to buy the car?

Multiple Choice

• Approximately 8.5 years.

• Approximately 9.5 years.

• Approximately 11.5 years.

• Approximately 12.5 years.

• Approximately 10.5 years.