HW 2B

Question 2

This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

Upon graduating from college, you make an annual salary of $81,445. You set a goal to double it in the future. If your salary increases at an average annual rate of 3.00 percent, how long will it take to reach your goal?

Round the answer to two decimal places.

Your Answer: