Five thousand dollars compounded annually at an x% interest rate takes six years to double. At the same interest rate, how many years will it take 300 to grow to 9600?
N=6; R=?;PV =5000; FV =10000; FV=PV*(1 + R)^N; print"FV =$",R R =12.25% compounded annually.
N=?; R=12.25;PV =300; FV =9600; FV=PV*(1 + R)^N; print"FV =$",N N = 30 years.
