document.write( "Question 211358: I cannot figure this one out. I do not think there were enough values given to solve it. Please help.\r
\n" ); document.write( "\n" ); document.write( "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. \n" ); document.write( "
Algebra.Com's Answer #159719 by ankor@dixie-net.com(22740)\"\" \"About 
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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.
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\n" ); document.write( "Let Po = 1
\n" ); document.write( "Let P(t) = 2
\n" ); document.write( "Let k = .07
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\n" ); document.write( "e^(.07t) = 2
\n" ); document.write( ".07t*ln(e) = ln(2)
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\n" ); document.write( "Find the nat log of both sides; ln of e = 1, therefore
\n" ); document.write( ".07t = .693147
\n" ); document.write( "t = \".693147%2F.07\"
\n" ); document.write( "t = 9.9 ~ 10 years
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\n" ); document.write( "Check solution on a good calc: enter e^(.07*9.9) = 1.999 ~ 2 \n" ); document.write( "
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