Question 1037471
the equation you are looking for is y = 26600 * 1.03^x.


x is the number of years.


the current year is year 0.


the value when x = 0 is 26600 * 1.03^0 = 26600.
the value when x = 1 is 26600 * 1.03^1 = 27398.


you can solve for when it will double by formula as follows:


2 * 26600 = 53200.


formula becomes 53200 = 26600 * 1.03^x.
divide both sides of this equation by 26600 to get 2 = 1.03^x.


2 = 1.03^x is the formula you would use.
take the log of both sides of this equation to get log(2) = log(1.03^x).
log(1.03^x) is equivalent to x * log(1.03)
formula becomes log(2) = x * log(1.03)
divide both sides of the equation by log(1.03) and solve for x to get x = log(2) / log(1.03).
your solution should be x = 23.44977225 years.


graphically, you would graph the function of y = 26600 * 1.03^2.
you would also graph y = 53200.
the intersection of the two equations will be the solution.


the graph looks like this:


<img src = "http://theo.x10hosting.com/2016/060704.jpg" alt="$$$" </>


the graph shows that the intersection of the two equation occurs when x = 23.45.


that's the same answer you got by formula after it is rounded to two decimal places.