Posted by Rani on Wednesday, October 7, 2009 at 3:06pm.
log 2/log 1.03 = 23.44977. The mistake you are making is log 1.03 is 0.0128. You must divide that number into log 2 which is 0.30103 and you will obtain 23.45 if you do that (23.44977 to be exact about it).
There is no divide by 72 in Mathmate'e response although there is a divide into 72. The rule of 72 is a quick short cut rule which is 72/annual rate of interest and this gives the approximate time for doubling. 72/3 = 24 years which is close to the actual time of 23.45 which Mathmate calculated for you.
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