SOLUTION: how long will it take for prices in the economy to double at a %2 annual inflation rate?

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Question 40144: how long will it take for prices in the economy to double at a %2 annual inflation rate?
Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
P(a) = a(1 + r)^t
2a = a(1 + .02)^t
2 = (1.02)^t
log(2) = t*log(1.02)
log(2)/log(1.02) = t
About 35.0028 years