If a deposit of $2,000 today will grow to $2,160 in 1 year, what is the interest rate that is being used?

38.How many years does it take for a deposit of $1,000 to grow to $2,000 if the money is in an account earning 8% interest compounded annually?

39.Your travel agent informs you that the agency can guarantee a trip to Australia for $2,500. You currently have $1,700 to devote to the trip. If bank accounts earn 6% interest compounded annually, how long will you have to wait to make the trip?