Bob bought some land costing $15,990. Today, that same land is valued at $46,017. How long has Bob owned this land if the price of land has been increasing at 5 percent per year?

Bob has owed this land for 21.68 years.

Step-by-step explanation:

The price of the land can be modeled by the following function:

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

In this problem, we have that:

We want to find t, when . So

We have that:

So to find t, we apply log to both sides

Bob has owed this land for 21.68 years.