You can
put this solution on YOUR website!If you invested X dollars, after a year you would get X*1.08. After two years, you would have
. Generally, after Y years, you would have $
.
So, the equation for doubling is answering the question, what is the time y that is needed for an investment of $1 to grow to $2?
Writing it in algebrese,
The solution is to tale a log with base of 1.08 of both sides:
since
, we have
that's your solution. Double check it, as always. Also please post your question in more appropriate category.
