Answer:
23.4 years
Step-by-step explanation:
The exponential growth model is
A = P(1 + r)^5t, where r is the annual growth rate as a decimal fraction.
If the original number (P) is to double, then this model becomes
2P = P(1 + 0.03)^t, or 2 = 1.03^t. Solve this for t by taking the log of both sides:
log 2 = t*log 1.03, or
0.30103
t = --------------- = 23.4 years
0.01284
