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8. You have $5000 toward the purchase of a boat that will cost $6000. How long will it take the $5000 to grow to $6000

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8. You have $5000 toward the purchase of a boat that will cost $6000. How long will it take the $5000 to grow to $6000 if it is invested at 5% compounded monthly? Solve algebraically. Round to the nearest hundredth

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