Question: Bobby, as a reward for his hard work, received a bonus from his employer. He decided to invest all of his bonus, a total of
Bobby, as a reward for his hard work, received a bonus from his employer. He decided to invest all of his bonus, a total of $35000 in an account to fund a deposit on his first home. Bobby needs $70000, or 2 times this amount to make a deposit on his dream house. Assuming that all of the account is invested to earn an interest rate of 6.00%, how long, in years, will it take Bobby to accumulate the amount he needs for his down payment?
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