12. The rule of 72 says that if something is growing by X% per period then it will double approximately every 72/X periods. The periods could be days, months, years, etc. In late February 2020 about 7,000 people outside of China had been infected with the COVID-19 virus and the number was increasing by 9% per day. If the growth rate stayed the same then how many times would be the number of infections double in the next 64 days? a. 8 times so about 56,000 people would be infected b. 1.125 times so about 15,000 people would be infected c. 1.125 times so about 8,000 people would be infected d. 8 times so about 1.8 million people would be infected
12. The rule of 72 says that if something is growing by X% per period then it will double approximately every 72/X periods. The periods could be days, months, years, etc. In late February 2020 about 7,000 people outside of China had been infected with the COVID-19 virus and the number was increasing by 9% per day. If the growth rate stayed the same then how many times would be the number of infections double in the next 64 days? a. 8 times so about 56,000 people would be infected b. 1.125 times so about 15,000 people would be infected c. 1.125 times so about 8,000 people would be infected d. 8 times so about 1.8 million people would be infected
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:12. The rule of 72 says that if something is growing by X% per period then it will double approximately
every 72/X periods. The periods could be days, months, years, etc. In late February 2020 about 7,000
people outside of China had been infected with the COVID-19 virus and the number was increasing by
9% per day. If the growth rate stayed the same then how many times would be the number of infections
double in the next 64 days?
a. 8 times so about 56,000 people would be infected
b. 1.125 times so about 15,000 people would be infected
c. 1.125 times so about 8,000 people would be infected
d. 8 times so about 1.8 million people would be infected
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