[bullllmoony]

If an individual will retire in 17 years and currently have $300,000, and will need $1 million at retirement. What annual interest rate must that person earn to reach the goal? Round your answer to two decimal places.

[bullllmoony]

If money is deposited today in an account that pays 8.9% annual interest, how long will it take to double the money? Round the answer to the nearest whole number?

With Thanks

[ArcSine]

If you let P denote the present amount; E the ending amount; r the annual interest rate; n the number of years; and make a simplifying assumption (probably intended in these questions) that earnings compound annually, then the equation



solves both of your questions. In each of the two cases you're given 3 of the 4 variables, leaving you to solve for the fourth. In the first ques you're solving for r; in the second you're finding n.

Hint: In the second question you're not explicitly given any particular P or E, but that's irrelevant; just let E be 2 and P be 1, or any combo of values in which E is double the amount of P.

OK, that tees it up; now you step in to swat it out of the park.