from 1956 to 1966 the number of automobiles in the country increased at an annual rate of 6.65 percent. what is the doubling tim
e for growth in automobiles in the US?
1 answer:
A= P(1+i)ⁿ ,
where A is the value generated after a time " n" at an interest rate of i (in %).
When A = 2.P ?
Replace in the formula: 2.P = P(1+0.0665)ⁿ , after simplification by P, we get
2= (1+0.0665)ⁿ
To calculate n, let' use ln (Neperian logarithm)
ln(2) = n.ln(1.0665) and
n=(ln2)/(ln(1.0665) and n=10.76 years ,
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