4. A firm's net income last year was $1.5 million. Its net income grew 5 percent during the last 5 years. If that growth rate continues, how long will it take for the firm's net income to double?

Answer 1

simply solve
1(1.05)^t = 2
t log 1.05 = log 2
t = log2/log1.05 = appr 14.2 years