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4 April, 00:02

You pay $300 for an antique lamp. The lamp is expected to appreciate every of about 8% annually At this rate, how long will it take for the value of the lamb to double

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  1. 4 April, 01:36
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    Answer: it will take 9 years for the value of the lamb to double.

    Step-by-step explanation:

    The growth rate is exponential. We would apply the formula for exponential growth which is expressed as

    y = b (1 + r) ^ t

    Where

    y represents the value of the lamb after t years.

    t represents the number of years.

    b represents the initial value of the lamb.

    r represents rate of growth.

    From the information given,

    b = $300

    y = 2 * 300 = $600

    r = 8% = 8/100 = 0.08

    Therefore

    600 = 300 (1 + 0.08) ^t

    600/300 = (1.08) ^t

    2 = (1.08) ^t

    Taking log of both sides to base 10

    Log 2 = log1.08^t = tlog1.08

    0.3010 = t * 0.0334

    t = 0.3010/0.0334

    t = 9 years
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