Question

If a company sales are growing at a rate of 20% annually, how long it will take sales to double?

Answer 1

Use this equation: FVN= $2 = $1(1 + I)N= $1(1.20)N (With any dollar amount)

The exact answer is 3.8 years, but some calculators will round this value up to the next highest whole number, so maybe 4 years.