If you deposit money today in an account that pays 11.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.
Your parents will retire in 22 years. They currently have $230,000 saved, and they think they will need $2,300,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.