If the value of land in an area is increasing 6 percent a year, how long will it take for property values to double?

It will take 11.9 years for the property value to double.

Step-by-step explanation:

The value of the land is modeled by the following equation:

In which P(t) is the value after t years, P(0) is the initial value and r is the growth rate, as a decimal.

In this problem, we have that:

How long will it take for property values to double?

This is t when . So

We have that:

So to find t, we apply log to both sides of the equality.

It will take 11.9 years for the property value to double.

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