Question: lionel has to pay a penalty for filing his taxes...
Lionel has to pay a penalty for filing his taxes late. The IRS charges 2% in interest for each month the payment is late. Lionel's original tax bill was $7,000, but he now owes $7,883.14. How many years late is his payment?
A) 6.0 years B) 0.8 years C) 1.2 years D) 0.5 years E) 0.2 years