Question 1130801

Gasoline prices are rising at a rate of 0.5% per month. What is their doubling time? By what factor will prices increase in 3 years? In 5 years?

I think the doubling time is 138.98 months? and the increases are 1.5% and 2.5%?
<pre>You're correct! The doubling time is 138.98 months.
However, for 3 and 5 years, the price will increase by factors of: {{{highlight_green(matrix(1,12, 1.005^(3(12)), "=", 1.005^36, "=", "1.196680525,", and, 1.005^(5(12)), "=", 1.005^60, "=", "1.348850153,", respectively))}}}