Time Value of Money
a.You have $36,471.40 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $200,000. You expect to earn 10% 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. ______ years
b. Sawyer Corporation's 2015 sales were $10 million. Its 2010 sales were $5 million.
At what rate have sales been growing? Round your answer to two decimal places. _______%