Thread: profit

I have no idea how to do problems dealing with doubling time.

the question is:

A company's profits are increasing by an annual growth factor of 1.12
find the doubling time.

Any help would be great!

A=a*1.12^t where a is A(0).
You assume A=2a thus you solve 2a=a*1.12^t
That is 2=1.12^t
Use log properties (wikipedia) to solve de previous equation