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Google Translate gives me the following translation for How long does it take? translated from English:
Combien de temps cela prend-il?
However is it correct that I might also use the phrase:
Combien de temps faut-il?
Which one is considered the correct response when speaking to someone formally? Is there a major difference between using either phrase?
I don't see a major difference between the two, both are equally formal.
However "Combien de temps faut-il?" does not have an object (or whatever it is called, but the "it" in "how long does it take"). The expression if "combien de temps faut-il pour [...]".
So in you example:
Combien de temps faut-il pour cela?
You could just say "Combien de temps faut-il?" if the object is really obvious, like:
Je veux aller à la boulangerie; combien de temps faut-il?
