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Michael plans to pay $11,000 each year and would like to prepare $550,000 for his retirement. Let us assume that the interest rate will be

Michael plans to pay $11,000 each year and would like to prepare $550,000 for his retirement. Let us assume that the interest rate will be 8%, and that it will compound annually. How many years will Michael have to spend before he achieves his goal of preparing $550,000 for his retirement?

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