SOLUTION: The Consumer Price Index is increasing at a rate of 6% per year. What is its doubling​ time? Use the approximate doubling time formula​ (rule of​ 70). Round to

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: The Consumer Price Index is increasing at a rate of 6% per year. What is its doubling​ time? Use the approximate doubling time formula​ (rule of​ 70). Round to       Log On


   

Question 1129964: The Consumer Price Index is increasing at a rate of 6%
per year. What is its doubling​ time? Use the approximate doubling time formula​ (rule of​ 70). Round to one decimal place.
A.64.0 years
B.11.7 years
C.12.0 years
D.4.2 years
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
the rule of doubling says take 70 and divide by the interest rate percent.

that gets you 70 / 6 = 11.7 rounded to 1 decimal place.

that's selection B.