SOLUTION: " If you have five dollars to invest and you are able to double your money every year, how many years will it take you to earn one million dollars?" I need to show algebra. Than

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Question 327697: " If you have five dollars to invest and you are able to double your money every year, how many years will it take you to earn one million dollars?"
I need to show algebra. Thank you so much!
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=5%2A%282%5Et%29
First year, F=5%2A2=10
Second year, F=5%2A4=20
.
.
Find t so that F=1,000,000
5%2A2%5Et=1000000
2%5Et=200000
t=log%282%2C%28200000%29%29
t=log%28%28200000%29%29%2Flog%28%282%29%29
t=5.301%2F0.301
t=17.6 years
At the 17th year you'd have $655,360.
At the 18th year you'd have $1,310,720.