When you were 26 years old, you received an inheritance of $1,500 from your grandfather. You invested that amount in Nu-Wave stock and have not touched the investment since then. Today, this investment is worth $109,533.59. Nu-Wave stock has earned an average rate of return of 11.3% per year over this time period. How old are you today?

A) age 57
B) age 59
C) age 62
D) age 64
E) age 66

To find out how old you are today, you can use the formula for compound interest: $A=P(1+r{)}^t$ , where $A$ is the amount of money accumulated after n years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (decimal), and $t$ is the time the money is invested for in years. Rearranging the formula to solve for $t$ , we get $t=\frac{\log (A/P)}{\log (1+r)}$ .Given:- $A=\$109,533.59$ - $P=\$1,500$ - $r=11.3\%=0.113$ Plugging in the values: $t=\frac{\log (109533.59/1500)}{\log (1+0.113)}$$t=\frac{\log (73.02239333)}{\log (1.113)}$$t\approx 40$ yearsSince you were 26 years old when you received the inheritance and invested it, and 40 years have passed since then, you are now: $26+40=66$ years old.