You want to invest $20,000 today to accumulate $32,000 for graduate school. You can invest at an interest rate of 10% compounded annually. Find how many years it will take to accumulate the required amount. Note: Use tables, Excel, or a financial calculator. Round your final answers to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Multiple Choice

5.2 years.

6.0 years.

5.6 years.

4.9 years.