Find the time it would take for the general level of prices in the economy to double at an average annual inflation rate of 5%. The doubling time is about years. (Round to the nearest year as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Find the time it would take for the general level of prices in the economy to double at an average annual inflation rate of 5%.
The doubling time is about years.
(Round to the nearest year as needed.)
Transcribed Image Text:Find the time it would take for the general level of prices in the economy to double at an average annual inflation rate of 5%. The doubling time is about years. (Round to the nearest year as needed.)
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