How to the missing value?

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Answer 1 · 2017-10-14T20:42:15

$log(2)/log(1.087)~~8.309$ years

Initial Investment = $19000/2=9500$

let $y$ be the number of years it will take to double

$9500 * 1.087^y=19000$

$=>1.087^y=2$

logarithmic rules state $log(a^x)=x*log(a)$

$=>log(1.087^y)=log(19000)$

$=>y*log(1.087)=log(19000)$

$=>x=log(2)/log(1.087)~~8.309$ years