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Long Run Growth Problem - Help!!!?
For the last 20y house values rose about 6% year. At that rate, the value of a $250,000 house would double in how many years?
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- hayharbrLv 71 decade agoFavorite Answer
500000 = 250000 (1.06)^t
divide by 250000
2 = 1.06 ^ t
log both sides
log 2 = t log 1.06
divide both sides by log 1.06
t = log 2 ÷ log 1.06
should be around 11.9 years
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