How many times does $1 need to double in value to become $1,000,000? Explain how you know.

Answer 1

This is exponential growth with r = 100% and A = 1(1+ r)^t, where A = amount after t years (assuming that time is measured in years.

1000000 = 2^t

log1000000 = tlog2

t = log1000000 / log2 = 19.93 years