Ellie wants to give her granddaughter a present of $500 saved in a bank account. If Ellie puts $350 in the account which earns an 8% annual interest rate, how long must she wait before the account is worth $500?

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Ellie wants to give her granddaughter a present of $500 saved in a bank account. If Ellie puts $350 in the account which earns an 8% annual interest rate, how long must she wait before the account is worth $500?