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The price of a new yacht is $40,000. You currently have $19,677 that you can invest in a bank account paying 12% per annum compounded

The price of a new yacht is $40,000. You currently have $19,677 that you can invest in a bank account paying 12% per annum compounded quarterly. How long will it take you to buy the yacht? a) 6 months b) 6 years c) 8 years d) 24 months

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