In three years you are promised $19,500 as a gift. You decided you will then loan that amount at 9.75% for seven more years.
How long would it take you to double your money if you could invest at 6%? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 12.34.) How long if you were to quadruple your money at 6% interest? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 12.34.)