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You bought 500 Forever stamps just before the price went up in January of 2014 at...

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Advance Math

You bought 500 Forever stamps just before the price went up inJanuary of 2014 at $0.46/stamp, a $0.03 savings per stamp. If youcould have paid off a credit card charging 12% per year instead ofinvesting in stamps, how fast must you use the stamps to breakeven?Assume the $0.49 price never changes before you run out of stamps.(Hint use 12% /year as your effective interest rate per year)

a. 3 months

b. 6 months

c. 10 months

d. 12 months

e. 36 months

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