When prices are rising at a rate of 3 percent, the cost of products and services would double in ______ years.
A) 3
B) 6
C) 12
D) 24
E) 36

Name: When prices are rising at a rate of 3 percent, the cost of products and services would double in ______ years. A) 3 B) 6 C) 12 D) 24 E) 36
Brand: Quizplus
Rating: 4.9 (45 reviews)

Question

Quizplus · Accepted Answer

The Rule of 72 is a simple way to estimate how long it will take for an investment to double at a fixed annual rate of interest. By dividing 72 by the annual rate of inflation (3%), you get 24 years.

When Prices Are Rising at a Rate of 3 Percent