Logarithms problem. :((((?
I've already done over half of the problem. It's pretty long and the thing that really sucks is that I have three chances to get a correct answer before I have to restart with another similar problem so i'd really appreciate someone that knows what they're doing here to help me out.
The problem goes:
A toy tractor is sold for $263 in 1979 and was sold again in 1985 for $416. Assume that the growth V of the collector's item was exponential.
work done so far--
k=0.076
V(t)=263e^0.076t
The part that I need help with is this:
Q: What is the doubling time for the value of the toy tractor to the nearest tenth of a year?
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Answers & Comments
Verified answer
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Typical growth functions include the time in the exponent, so I suspect you meant to type
V(t) = 263e^(0.076t)
You want to know the time for the value to double, so just solve this:
e^(0.076t) = 2
0.076t = ln(2)
t = ln(2)/0.076
t ≈ 0.0693/0.076
t ≈ 9.1