Question 721511
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(2)/log(1.042)}}}
using your calc
t = 16.847 yrs
:
:
Check this on your calc, enter: 1.042^16.847 ~ 2,00