If money is worth 8% compounded quarterly, how long (to the nearest day) before a scheduled payment of $6,000 is $5,000 an equivalent payment? For the purpose of determining the number of days in a partial calendar quarter, assume that a full quarter has 91 days.

Compounded Quarterly

The process of adding interest to the principal amount of an investment or loan on a quarterly basis, leading to interest on interest.

Equivalent Payment

A method of determining the amount of regular payments that would have the same value as a different payment structure, often used in finance to compare loans or investments.