SOLUTION: I cannot figure this one out. I do not think there were enough values given to solve it. Please help. How long will it take for prices in the economy to double at 7% annual infl

Question 211358: I cannot figure this one out. I do not think there were enough values given to solve it. Please help.
How long will it take for prices in the economy to double at 7% annual inflation rate? Use the exponential growth model P(t)=P0e^kt. Round to the nearest year.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
How long will it take for prices in the economy to double at 7% annual inflation rate? Use the exponential growth model P(t)=P0e^kt.
:
Let Po = 1
Let P(t) = 2
Let k = .07
:
e^(.07t) = 2
.07t*ln(e) = ln(2)
:
Find the nat log of both sides; ln of e = 1, therefore
.07t = .693147
t =
t = 9.9 ~ 10 years
:
:
Check solution on a good calc: enter e^(.07*9.9) = 1.999 ~ 2
RELATED QUESTIONS
Please help me solve this. I need to find the altitude of a triangle. The bottom... (answered by Nate)

My teacher is making us do this project where we have to think of word problems for each... (answered by stanbon)

I cannot see to solve this one. Can someone help me out? Thanks! Maya has deposited... (answered by Paul)

Hi there, I am confronted with the following question: "A job takes 4 hrs for two... (answered by Earlsdon)

ok im not sure how to figure this out. i was given the coordinates (0,4) and (0,10) or (answered by derbyman4025)

PLEASE HELP ME WITH THIS PROBLEM I CANNOT FIGURE IT OUT IVE BEEN TRYING FOR DAYS: The... (answered by stanbon,Hook)

I need help with the following problem. I cannot figure it out because I am not... (answered by scott8148)

using the infinite series equation, explain how .9 repeating equals one. I tried to do it (answered by MrMitchell,Evy Hofbauer)

Could you please help me with figuring out how to do this problem? r^2+3r=5 I... (answered by checkley77)