Your friend, John, needs some money to buy a car and offers you the following. He would like to borrow $10,000 today. He is willing to repay the money by yearly payments and the first one is $1,000 at the end of this year. The payments will grow by 9% every year thereafter. If the interest rate is 12%, how long will it take for your friend to repay the loan?

		18.32 years
		10 years
		12.38 years
		13.13 years