a(t)=29000(1.03)^t. how do I figure the doubling time of this? interest rate is 3 percent compounded annualy?

Question

wooooooooooooooooow, seems like logarithms are the easiest ones

Answer 1

A(t)=29000(1.03)^t.

Note at t=0, A = 29000, the original investment. You want t so that

A = 29000*2 = 29000(1.03)^t, right? cancel 29000
2 = (1.03)^t, take log of both sides
log(2) = t log(1.03), rules of log; div by log(1.03)
t= log(2)/ log(1.03) or
t = .30102/.01283 or
t = 23.4497 years is the doubling time.

Answer 2

The initial amount is 29000 and you want to double the amount,therefore final amount is=29000*2=29000(1.03)^t
implies that (1.03)^t=2 taking log on both sides,
i would pose (1.03)^t =2 The number 29000 has no interest inthis calculus
t*log(1.03) =log 2
t= log2/log1.03=23.44 years

Answer 3

i would pose (1.03)^t =2 The number 29000 has no interest inthis calculus

I use the logarithms

t*log1.03 =log 2
t= log2/log1.03=23.44 years

Answer 4

financial company of u . s . has many kinds of bills with different quotes of interest. additionally, they do no longer publicize this, yet they supply different quotes and words in different states, so which you may get a greater valuable value by ability of putting out an account at considered one of their branches in yet another state.