Rent increases every year by 4.75%. How many years will it take for the rent to increase by 50%? the answer is 9 years but i dont know how to get that

Question

anonymous · Answer

Intrest rates are calculated using the formula Pe$$^{rt}$$
e is used for continuously compounded interest.
for yearly compounded interest at a rate of 4.75%
1.0475$$^{x}$$ = 1.5
take ln of both sides
to get x * ln(1.0475) = ln (1.5)
x = ln (1.5) / ln (1.0475)
x = 8.74 years

anonymous · Answer

is that clear enough? or do you want me to fix the formatting?

anonymous · Answer

um yeah can you? i'm a little confusedd