SOLUTION: If the inflation rate is 5.15% compounded annually, how long will it take for prices to double?

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Question 1128161: If the inflation rate is 5.15% compounded annually, how long will it take for prices to double?
Answer by ikleyn(52858)   (Show Source): You can put this solution on YOUR website!
.
2 =  


2 = 


log(2) = n*log(1.0515)


n =  = 13.8 years (approximately),  


    so the answer is that after 14 years the prices will be over than twice.


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