Question 220267
{{{100*(1.08)^x = 200}}}
{{{log((100*1.08)^x) = log((200))}}}
This becomes:
{{{log((100)) + x*log((1.08)) = log((200))}}}
This becomes:
{{{x = (log((200)) - log((100)))/log((1.08))}}}
This becomes:
x = 9.006468342
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to prove this is true, substitute in original equation to get:
{{{100*(1.08)^9.006468342 = 200}}}
This becomes:
200 = 200 confirming the answer of x = 9.006468342 is good.
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It would take 9.006468342 years to double your money at 8% compounded yearly.
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