Question: Assuming annual compounding, find how long it would take for the general level of prices to double at the following annual inflation rates. a. 2%

Assuming annual compounding, find how long it would take for the general level of prices to double at the following annual inflation rates. a. 2% b. 7% c. 12% d. Check your answers using the Rule of 70 or the Rule of 72, whichever applies. a. It will take approximately 35 years. (Round to one decimal place as needed.) b. It will take approximately years. (Round to one decimal place as needed.)

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