Calculate the Time Necessary to Achieve the Investment Goal

question 95

Short Answer

Calculate the time necessary to achieve the investment goal. Give your answer to the nearest day. Use a 365-day year.
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$6,000 at 8% simple interest; deposit $1,550
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__________ years __________ days

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Definitions:

Horseless

Pertaining to a vehicle or a mode of transport that does not require horses for power.

Genus

A class or category of things sharing common characteristics; in biology, it refers to a classification ranking above species and below family.

Essential Attributes

Essential attributes or features that determine the essence of an entity.

Broadest Possible

Referring to the widest or most comprehensive scope or extent.