Initial amount: 40,000 Annual growth rate 11% Need to reach 80,000 elks in n years:
P=A(1+r)ⁿ 80,000 = 40,000(1+0.11)ⁿ 80,000 = 40,000(1.1)ⁿ Divide both sides by 40,000 2 = (1.1)ⁿ ln(2) = n.ln(1.1) 0.693147 = n.(0.09531) and n = 0.693147/0.09531 n = 7.27 years
