SOLUTION: If the inflation rate is 2.3% compounded annually, how long will it take for prices to double?

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Question 1148349: If the inflation rate is 2.3% compounded annually, how long will it take for prices to double?
Answer by VFBundy(438) About Me  (Show Source):
You can put this solution on YOUR website!
2x+=+x+%2A+%281+%2B+0.023%29%5Et

2x+=+x+%2A+%281.023%29%5Et

2+=+%281.023%29%5Et

t = log(base 1.023)2

t = 30.48

It will take 30.48 years.