Algebra.Com's Answer #822658 by ikleyn(52781)![\"\"](\"/images/stars/stars-13.gif\")  
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document.write( "A house is purchased for 1,000,000 in 2002.
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document.write( "The value of the house is given by the exponential growth model A= 1,000,000e^(0.645)(t).
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document.write( "Find t when the value of the house would be worth 5,000,000.
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document.write( "So, we should find \"t\" from this equation\r\n" );
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document.write( " 5000000 =  .\r\n" );
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document.write( "Divide both sides by 1000000. You will get\r\n" );
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document.write( " 5 =  .\r\n" );
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document.write( "Take natural logarithm of both sides.\r\n" );
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document.write( " ln(5) = 0.645*t,\r\n" );
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document.write( " t =  = 2.495252577.\r\n" );
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document.write( "ANSWER. In 2.5 years, approximately.\r\n" );
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document.write( "CHECK. The annual growth factor is  =  = 1.906, approximately.\r\n" );
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document.write( " In 2.5 years, the growth factor is  = 5.01, which confirms the answer.\r\n" );
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document.write( "Solved.\r
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