Question 85607
Let current rate be c
EQUATION:
If current rate doubles it becomes 2c.
If the growth rate is 0.02 and it takes t years to double you get:
2c = c(1.02)^t
2 = 1.02^t
Take the log of both sides to get:
log2 = t*log1.02
t= [log2]/[log1.02]
t = 35 years
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Cheers,
Stan H.