Suppose $9,500 is compounded annually for 22 years. If no other deposits are made, what rate is needed for the balance to double in that time?

Answer 1

19,000 = 9500(1 + r)²²

2 = (1 + r)²²

2^1/22 = 1 + r

1.03 = 1 + r

r = .03

3%