Homework SourseWhat is the doubling time of prices which are increasing by
What is the doubling time of prices which are increasing by 4 percent per year?
doubling time = ________ (include units)
doubling time = ________ (include units)
Solution
A = P(1+r/100)n
Hence in this case we have A = 2P; r = 4
Hence : 2 = (1+4/100)n
Or log (2) = nlog(1.04)
n = log(2)/log(1.04) = 17.6729877 years
