SOLUTION: If the inflation rate is 4.1% compounded annually, how long will it take for prices to double?

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Question 1148450: If the inflation rate is 4.1% compounded annually, how long will it take for prices to double?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
If the inflation rate is 4.1% compounded annually, how long will it take for prices to double?
:
Let t = no. of years for prices to double
A simple equation:
1%2A1.041%5Et+=+2
Using natural logs
t*ln(1.041) = ln(2)
:
t = ln%282%29%2Fln%281.041%29
t = 17.25 ~ 18 yrs to double