calculating an increase of return from 8%

Camerontocher

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Apr 21, 2015
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The question reads, FuelSys expects returns of their sale of oil to increase at a rate of 8% per year. For an initial investment of £2million, determine
a) the value of their oil sales after 10 years, give the value in pounds.

for this I did
f(t) = 2,000,000(1.08)t
= 2,000,000 (1.08)10
=£4,317,849.995 so rounded it upto £4,317,850

does that seem right???
 
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Sometimes I question my ability.

Part b says, determine the time, to the correct nearest year for the company to reach a value of £8million. what equation will I need to find this. I've had a look back at my notes and they're all jumbled up, can't see to find the formula
 
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