Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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![### Problem Statement
**Question 4:**
Use the rule of 70 to estimate the years to double at an inflation rate of 4%.
### Explanation
The rule of 70 is a simple way to estimate the number of years required for a certain variable to double, given a consistent annual percentage growth rate. The rule states that you can divide 70 by the annual growth rate to get the approximate number of years for doubling.
For example, if you have an inflation rate of 4%, you can use the rule of 70 as follows:
\[ \text{Years to Double} = \frac{70}{\text{Annual Growth Rate}} \]
Plugging in the values:
\[ \text{Years to Double} = \frac{70}{4} = 17.5 \]
Therefore, it would take approximately 17.5 years for an amount to double at an inflation rate of 4%.
This concept is particularly useful in various fields such as finance and economics to understand the dynamics of growth rates and the time frames over which they operate.](https://content.bartleby.com/qna-images/question/ac0e0cf7-9820-475e-b9ae-d17ddf0c1fbd/7f38c3e3-fbd6-4677-9cc6-8a93d6942821/c218igo.jpeg)
Transcribed Image Text:### Problem Statement
**Question 4:**
Use the rule of 70 to estimate the years to double at an inflation rate of 4%.
### Explanation
The rule of 70 is a simple way to estimate the number of years required for a certain variable to double, given a consistent annual percentage growth rate. The rule states that you can divide 70 by the annual growth rate to get the approximate number of years for doubling.
For example, if you have an inflation rate of 4%, you can use the rule of 70 as follows:
\[ \text{Years to Double} = \frac{70}{\text{Annual Growth Rate}} \]
Plugging in the values:
\[ \text{Years to Double} = \frac{70}{4} = 17.5 \]
Therefore, it would take approximately 17.5 years for an amount to double at an inflation rate of 4%.
This concept is particularly useful in various fields such as finance and economics to understand the dynamics of growth rates and the time frames over which they operate.
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