Money grows by 8% per year (compound): A = A0(1.08)^t. About how many years until it becomes 2 times as much? (use logarithms)

  1. 12.5 years
  2. 7.0 years
  3. 11.0 years
  4. 9.0 years
Answer

D) 9.0 years

(1.08)^t = 2 Rightarrow t = log 2log 1.08 approx 9.0 years. SLO M-09-A-08 · Application

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