Use the approximate doubling time formula(rule of70) for the case described below. Discuss whether the formula is valid for the case described.

Gasoline prices are rising at a rate of 0.6% per month. What is their doublingtime? By what factor will prices increase in 2 years? in 6 years?

What is its doublingtime?

months

(Type n integer or decimal rounded to the nearest hundredth asneeded.)

By what factor will the prices increase in 2 years?

(Type a n integer or decimal rounded to the nearest hundredth asneeded.)

By what factor will the prices increase in 6 years?

(Type a n integer or decimal rounded to the nearest hundredth asneeded.)

Is this formula valid in the casedescribed?

Yes, the given growth rate is above15%

Yes, the given growth rate is below15%

No, the given growth rate is below15%

No, the given growth rate is above15%