You were recently hired by BioTech Spinal Solutions Houston as a finance analyst. The company is planning to invest $$1,000,000$ to develop a product that corrects scoliosis.

Answer the following questions:

BioTech shareholders expect to earn $30\%$ on their investment. How many years would it take for their investment to grow to $$3,000,000?$

How many years would it take to double their initial investment at an expected return of $30\%?$

Assume that the $$1,000,000$ was borrowed money. They will have to pay off the money in $10$ years at an interest rate of $10\%$ per year. They will make monthly payments on the loan. Construct an amortization schedule for this loan. What observations can you make from this payoff schedule?$1.$