I need an example using another number, maybe 7 or 11. SEE BELOW
Please try to find a real growth rate for your state and city. If you can't find the city rate, please use any number other than .9%. Thank you!
REMINDER: How to solve equation with exponents
We have to solve equation for the annual growth rate of .9%
2 = 1.009^n where we need to calculate n. To solve exponential equation, we need to take log of both parts.
log(2) = log(1.009^n)
we use the following rule:
log(m^r) = r * log(m ) - the log of m with an exponent r is r times the log of m
so, log(1.009^n) = n*log(1.009)
Using calculator: log2 =0.30103 and log 1.009 = 0.003891
0.30103 = n * 0.003891
n = 0.30103 / 0.003891
n = 77.36242
n = 77.4
Hint: if base of log is not defined then by default the base is 10. If you use Excel you calculate log(2,10) and log (1.009,10).
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