Log Create an exponential equation for the value of a fender Stratocaster guitar tells appreciates at 8% per year. Use this equation to find how long it is until it is worth double its original value. Show your work.
simply,
future value = present value (1.08)^t , (just like the compound interest formula)
so you want
2 = 1(1.08)^t
take log of both slides
log2 = log( 1.08^t)
log2 = t*log 1.08
t = log2/log1.08, take out your calculator and get at it.