Use the approximate doubling time formula (rule of 70) for the case described below. Discuss whether the formula is valid for the case described. Gasoline prices are rising at a rate of 0.5% per month. What is their doubling time? By what factor will prices increase in 4 years? in 8 years? What is its doubling time? months (Type an integer or decimal rounded to the nearest hundredth as needed.).

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Use the approximate doubling time formula (rule of 70) for the case described below. Discuss whether the formula is valid for the case described.
Gasoline prices are rising at a rate of 0.5% per month. What is their doubling time? By what factor will prices increase in 4 years? in 8 years?
What is its doubling time?
months
(Type an integer or decimal rounded to the nearest hundredth as needed.)
Transcribed Image Text:Use the approximate doubling time formula (rule of 70) for the case described below. Discuss whether the formula is valid for the case described. Gasoline prices are rising at a rate of 0.5% per month. What is their doubling time? By what factor will prices increase in 4 years? in 8 years? What is its doubling time? months (Type an integer or decimal rounded to the nearest hundredth as needed.)
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