Asked by issa
                the consumer price index is increasing at a rate of 9% per year. what is its doubling time?
            
            
        Answers
                    Answered by
            MathMate
            
    8 years, without using a calculator!
The rule of 72 gives doubling time as the quotient of 72 over the interest rate.
An accurate calculation is as follows:
n=number of years:
1.09^n=2
take logs and solve for n:
n=log(2)/log(1.09)
=8.04 years
    
The rule of 72 gives doubling time as the quotient of 72 over the interest rate.
An accurate calculation is as follows:
n=number of years:
1.09^n=2
take logs and solve for n:
n=log(2)/log(1.09)
=8.04 years
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