SOLUTION: If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)

Question 564033: If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double?
-----------------------
Let x be the original property value.
If it is doubled the value will be 2x:
---
Equation:
2x = x(1.05)^t
---
2 = (1.05)^t
------
t = log(2)/log(1.05)
---
t = 14.2 years
===================
Cheers,
Stan H.
===================
RELATED QUESTIONS
If the value of land in an area is increasing 9 percent a year, how long will it take for (answered by stanbon)

How long it will take for an investment of 2000 dollars to double in value if the... (answered by stanbon)

How long it will take for an investment of 2000 dollars to double in value if the... (answered by graphmatics,MathTherapy)

How long will it take for the population of a certain country to double if its annual... (answered by stanbon)

How long will it take for an investment of $1000 to double in value if the interest rate... (answered by robertb)

In the formula N = Pekt, N is the number of items in terms of an initial population P at... (answered by jsmallt9)

During a period of constant inflation, the value of a 215,000 property will increase... (answered by jpg7n16)

How long will it take to double an investment at 5.4% compounded monthly? Round your... (answered by josgarithmetic,ikleyn)

In the formula N = Pe^kt, N is the number of items in terms of an initial population P at (answered by fractalier)