SOLUTION: I missed a lecture hour for my math class and I have no idea what to do on this worksheet. I know we are using log and LN. so assume we would apply this to this assignment as well.

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Question 721511: I missed a lecture hour for my math class and I have no idea what to do on this worksheet. I know we are using log and LN. so assume we would apply this to this assignment as well. the problem is:
The value of a house is increasing at 4.2% yearly. at this rate how long will it take for the value to double?
Thank you and I appreciate your time I this:)

Found 2 solutions by ankor@dixie-net.com, stanbon:
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
The value of a house is increasing at 4.2% yearly. at this rate how long will it take for the value to double?
:
Let original value of the house = 1
Let t = time for this to happen
1*(1.042)^t = 2
Using logs
log(1.042^t) = log(2)
the log equiv of exponents
t*log(1.042) = log(2)
t = log%282%29%2Flog%281.042%29
using your calc
t = 16.847 yrs
:
:
Check this on your calc, enter: 1.042^16.847 ~ 2,00

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
The value of a house is increasing at 4.2% yearly. at this rate how long will it take for the value to double?
---------------------
Let x be the value of the house before doubling.
Each year the value is multiplied by 1.042
------
Solve for "k"
1.042^k*x = 2x
----
Divide both sides by x to get:
1.042^k = 2
-----
Now take the log of both sides to get:
k*log(1.042) = log(2)
----
Solve for "k":
k = log(2)/log(1.042)
----
k = 0.3010/0.0179
k = 16.84 years
=====
In the 17th year the money will double,
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Cheers,
Stan H.