Time period. You’re a boating enthusiast. You have recently found the vessel of your dreams, a 20-foot, 500-horsepower piece of nautical delight.

However, it costs $55,000 and as of now you only have $5,000. On your way home, you see a sign on your local bank that guarantees a 5.5% APR, annually on investments. If you put your $5,000 in today, how long would it take to get to your goal of $55,000?