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.)
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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?
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Let x be the original property value.
If it is doubled the value will be 2x:
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Equation:
2x = x(1.05)^t
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2 = (1.05)^t
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t = log(2)/log(1.05)
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t = 14.2 years
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Cheers,
Stan H.
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