Answer: 2 years
Step-by-step explanation:
The exponential growth function is given by :-
[tex]y=A(1+r)^x[/tex] (i)
, where A = initial value , r = rate of growth and x= time period.
As per given ,
A= 242
r= 12% = 0.12
To find : t when y= 300.
Put all the values in (i)
[tex]300=242(1+0.12)^x\\\\\Rightarrow\ \dfrac{300}{242}=(1.12)^x\\\\\Rightarrow\ 1.23967=(1.12)^x[/tex]
Taking log on both sides , we get
[tex]\log (1.2396) = t \log (1.12)\\\\\Rightarrow\ 0.09328=t(0.049218)\\\\\Rightarrow t=\dfrac{0.09328}{0.049218}=\approx2[/tex]
hence, it will take 2 years.
