The amount doesn't matter....we have
2P = P(1.05)t divide both sides by P ... (see why the amount doesn't mattter??)
2 = (1.05)t take the log of both sides
log 2 = log(1.05)t and by a log property, we have
log 2 = t log(1.05) divide both sides by log(1.05)
log 2 / log(1.05) = t = about 14.2 years
The amount doesn't matter....we have
2P = P(1.05)t divide both sides by P ... (see why the amount doesn't mattter??)
2 = (1.05)t take the log of both sides
log 2 = log(1.05)t and by a log property, we have
log 2 = t log(1.05) divide both sides by log(1.05)
log 2 / log(1.05) = t = about 14.2 years