Juliana Has $54,500 in Her "World Tour Savings Plan" Right

Juliana has $54,500 in her "World Tour Savings Plan" right now. She will not be able to make any more contributions to the Plan but she is planning to let the money accumulate until she has enough so that he can take out $2,500 per month for 3 years while she travels around the world. She will take out the first $2,500 one month after she leaves on her trip. If her investments earn 9.9% compounded monthly, how many months will it be before she leaves on her trip?

A) 29 months
B) 32 months
C) 36 months
D) 41 months
E) 43 months

Correct Answer:

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