Find the for the general revel of prices in the elonomy to devble at an average annual in flation Rate of 5.3% e tme it would take. Doubling time Years

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Need help finding I and doubling time.. thanks
Find the tme it would
for the general level of prices
in the elonsmy to double at an
average annual in flation Rate of 5.3%
take.
Doubling time
Years
Transcribed Image Text:Find the tme it would for the general level of prices in the elonsmy to double at an average annual in flation Rate of 5.3% take. Doubling time Years
Expert Solution
Step 1

Given: Amount A=2P (since principle is doubling)

Principle P=P

rate =5.3% Annual

time =t years

m=1

Appropriate value of I=0.053.

Now, We will use the formula to calculate t :

A=P1+rmmt

2P=P1+5.3100t2=1+0.053t2=1.053t   

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