Law of 70 Bankers use the law of 70, which says that if an ac- count increases at a fixed rate of p%/yr, its doubling time is ap- proximately 70/p. Explain why and when this statement is true.

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
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Chapter5: Exponential And Logarithmic Functions
Section5.5: Exponential And Logarithmic Models
Problem 33E: Bacteria Growth The number of bacteria in a culture is increasing according to the law of...
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Law of 70 Bankers use the law of 70, which says that if an ac-
count increases at a fixed rate of p%/yr, its doubling time is ap-
proximately 70/p. Explain why and when this statement is true.
Transcribed Image Text:Law of 70 Bankers use the law of 70, which says that if an ac- count increases at a fixed rate of p%/yr, its doubling time is ap- proximately 70/p. Explain why and when this statement is true.
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