SOLUTION: Ricardo has just been given stock worth $520 that is expected to increase in value by 10% per year. This means that the amount his stock is worth (A) can be calculated by A=520⋅1

Question 1183395: Ricardo has just been given stock worth $520 that is expected to increase in value by 10% per year. This means that the amount his stock is worth (A) can be calculated by A=520⋅1.1t, where t is the number of years since the money was put in.
How many years will it take for the value of his stock be $1578? Round your answer to two decimal places.
Found 3 solutions by Boreal, MathTherapy, josgarithmetic:
Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
1578=510*1.1^t
3.094=1.1^t
log 3.094=t log 1.1 but round at end
t=log 3.094/log 1.1
t=11.85 years

Answer by MathTherapy(10557)   (Show Source): You can put this solution on YOUR website!

Ricardo has just been given stock worth $520 that is expected to increase in value by 10% per year. This means that the amount his stock is worth (A) can be calculated by A=520⋅1.1t, where t is the number of years since the money was put in.
How many years will it take for the value of his stock be $1578? Round your answer to two decimal places.

That other person is INCORRECT. Correct answer: .
However, the norm is to ROUND numbers, in cases like this one, to the nearest year. In this vase, it'd be 12 FULL/COMPLETE years.
Answer by josgarithmetic(39630)   (Show Source): You can put this solution on YOUR website!

.
.
.

RELATED QUESTIONS
Michelle has just been given stock worth $110 that is expected to increase in value by 7% (answered by advanced_Learner)
A recently released collectible quarter, worth 25 cents now, is expected to increase in... (answered by Theo,Alan3354,josmiceli)
The value of stock ABC Corporation has been increasing by the same fixed dollar amount... (answered by stanbon)
-Tessa has an antique plate valued at $75. It is expected to increase in value 8% per... (answered by ankor@dixie-net.com)
The local school district has studied trends in population growth and has provided the... (answered by Boreal)
"Maria bought $300 of Freerange Wireless stock in January of 1998. the value of the stock (answered by Rongtian)
1. ABC Corporation issues a bond which has a coupon rate of 10.20%, a yield to maturity... (answered by ikleyn)
You are given the dollar value of a product in 2016 and the rate at which the value of... (answered by josgarithmetic)
You are given the dollar value of a product in 2016 and the rate at which the value of... (answered by josgarithmetic)