Time to reach a financial goal

You have $48,288.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

years

Growth rates

Shalit Corporation's 2011 sales were $12 million. Its 2006 sales were $6 million.

At what rate have sales been growing? Round your answer to two decimal places.

%

Suppose someone made this statement: "Sales doubled in 5 years. This represents a growth of 100% in 5 years, so, dividing 100% by 5, we find the growth rate to be 20% per year." Is that statement correct?