SOLUTION: An economic indicator is icreasing at the rate of 3% per year. What is its doubling time. This I got it is 23.3 years. By what factor will the indicator increase in 5 years. I

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: An economic indicator is icreasing at the rate of 3% per year. What is its doubling time. This I got it is 23.3 years. By what factor will the indicator increase in 5 years. I       Log On


   

Question 428877: An economic indicator is icreasing at the rate of 3% per year. What is its doubling time. This I got it is 23.3 years. By what factor will the indicator increase in 5 years. I don't know how to put this in the calculator. I don't know what to do for this part.
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
the formula is A+=+P%281.03%29%5Et.
Doubling time:
2P+=++P%281.03%29%5Et
2+=+%281.03%29%5Et%7D%7D%0D%0A%7B%7B%7Bln2+=+%28ln1.03%29t
t+=+%28ln2%29%2Fln%281.03%29+=+23.45 years, to two decimal places. You're answer is pretty close.
In 5 years, A+=+P%281.03%29%5E5+=+1.159274P, so the indicator will increase by approximately 16%.