Question

A factory has 500 workers and wants to increase the number of employees by 5% each year. How many years will it take to double the factory workforce?

Answer 1

To double the factory workforce, it will take approximately 14 years.

Step-by-step explanation:

To double the factory workforce, we need to determine how many years it will take for the number of workers to reach 1000 (double the initial number of 500 workers). We can use the formula for exponential growth:

• Final Value = Initial Value * (1 + Growth Rate)^Number of Years

Let's use this formula to solve the problem:

• 1000 = 500 * 1.05^Number of Years
• 2 = 1.05^Number of Years
• Number of Years = log(2)/log(1.05)

Using a calculator, we find that it will take approximately 14 years to double the factory workforce.