Mr. Smith currently produces 45,000 bushels of potatoes a year.

He Can increase his harvest by an average rate of 3% annually.

How many years will it take until he can produce 50,000 bushels per year?

1 answer

45000(1.03)^n = 50000

1.03^n = 1.1111...

n log 1.03 = log 1.111..
n = 3.5644..

about 3 1/2 years