SOLUTION: An economic indicator is icreasing at the rate of 3% per year. What is its doubling time. This I got it is 23.3 years. By what factor will the indicator increase in 5 years. I

Question 428877: An economic indicator is icreasing at the rate of 3% per year. What is its doubling time. This I got it is 23.3 years. By what factor will the indicator increase in 5 years. I don't know how to put this in the calculator. I don't know what to do for this part.
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
the formula is .
Doubling time:

years, to two decimal places. You're answer is pretty close.
In 5 years, , so the indicator will increase by approximately 16%.
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