Time for a lump sum to double
If you deposit money today in an account that pays 3% annual interest, how long will it take to double your money? Round your answer to two decimal places.
Time to reach a financial goal
You have $48,288.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.