SOLUTION: True or False? Suppose you had a magic bank account in which your balance doubled each day. If you started with just $5, you'd be a millionaire in less than a month.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: True or False? Suppose you had a magic bank account in which your balance doubled each day. If you started with just $5, you'd be a millionaire in less than a month.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 375966: True or False? Suppose you had a magic bank account in which your balance doubled each day. If you started with just $5, you'd be a millionaire in less than a month.
Found 2 solutions by Alan3354, user_dude2008:
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
True, it would take 18 days.

Answer by user_dude2008(1862) About Me  (Show Source):
You can put this solution on YOUR website!
5*2^x=10^6
2^x=10^6/5
2^x=2*10^5
2^x/2=10^5
2^(x-1)=10^5
x-1=log2 10^5
x=5*log2 10 + 1
x=17.6096404744369

Answer: true