Step 1 :Given the initial investment (P) is $100 and we want to find out when it doubles, so the future value (A) is $200. We assume a reasonable interest rate of 5% (0.05) and the interest is compounded yearly (n=1).
Step 2 :Use the formula for compound interest: \(A = P(1 + \frac{r}{n})^{nt}\)
Step 3 :Plug in the values: \(200 = 100(1 + \frac{0.05}{1})^{1*t}\)
Step 4 :Solve for t: \(t = \frac{\log{\frac{200}{100}}}{\log{1.05}} \approx 14.21\)
Step 5 :\(\boxed{\text{It takes approximately 14 years for the investment to double in value.}}\)