Answer: it will take 9 years for the value of the lamb to double.
Explanation:
The growth rate is exponential. We would apply the formula for exponential growth which is expressed as
y = b(1 + r)^ t
Where
y represents the value of the lamb after t years.
t represents the number of years.
b represents the initial value of the lamb.
r represents rate of growth.
From the information given,
b = $300
y = 2 × 300 = $600
r = 8% = 8/100 = 0.08
Therefore
600 = 300(1 + 0.08)^t
600/300 = (1.08)^t
2 = (1.08)^t
Taking log of both sides to base 10
Log 2 = log1.08^t = tlog1.08
0.3010 = t × 0.0334
t = 0.3010/0.0334
t = 9 years