SOLUTION: How long will it take for prices in the economy to double at a 6% annual inflation rate? Round to the nearest hundredth.
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Question 227888: How long will it take for prices in the economy to double at a 6% annual inflation rate? Round to the nearest hundredth.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
(where = number of years
and p[0] = prices the beginning of the 1st year when )
When is ?
Take the log of both sides
It will take 11.89 years for inflation to double
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