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Peter is planning to propose to his girl friend. He needs $2,000 to buy the engagement ring. He currently has $800 that he can invest

Peter is planning to propose to his girl friend. He needs $2,000 to buy the engagement ring. He currently has $800 that he can invest at a 5% annual interest rate. How long would he have to wait before he can buy the engagement ring? Options are:

3.8 years

18.78 years

2.5 years

7.6 years

3.6 years

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