I just answered a very similar question from Kim right below.
The method to solve this is the same, but you can make up your own numbers: say, 10,000 at the start and 20,000 at the end.
Anthony is asking you to invest in a venture that will double your money in 3 years. Compute the annual rate of return they are promising you?
3 answers
i understand the problem below but how is it related to this problem ...would this answer be 41.42%
Start with 10, finish with 20
after 1 year you have 10*x
after 2 years 10*x*x
after 3 years 10*x*x*x
10 x^3 = 20
x^3 = 2
after 1 year you have 10*x
after 2 years 10*x*x
after 3 years 10*x*x*x
10 x^3 = 20
x^3 = 2