For a long time Sally has been investing $7,000 at the end of every six months and today the value of her savings has reached $2,500,000. She has made wise investment decisions and has earned a return of 16.4% compounded semi-annually. How long ago (rounded up to the nearest whole year) did she start this savings plan?
A) 17 years
B) 22 years
C) 27 years
D) 32 years
E) 41 years
Correct Answer:
Verified
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