Question 91945
{{{16200(1.06)^t}}}


this is a solving equation problem.


set up the equation: {{{16200(1.06)^t = 24000}}}

divide 16200 on both sides: {{{1.06^t = 1.48148148}}}

take logarithm on both sides:

{{{t*log(1.06)=log(1.48148148)}}}

so {{{t = log(1.48148148)/log(1.06)}}}

{{{t = 0.1707/0.0253}}}

=6.745

so it is about 7 years.