Current retirement money is invested to earn interest rate

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David's is saving for his retirement and as of today has accumulated the lump sum of $7348. David's goal is to retire at some time in the future (the unknown) with 9 times this amount. Assuming that all of David's current retirement money is invested to earn an interest rate of 3.90%, how long, in years and in fractions of a year, will it take David to achieve his goal?

Reference no: EM13722932

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