Write the word or phrase that best completes each statement or answers the question.
-How long will it take for prices in the economy to double at a $12 \%$ annual inflation rate?
A) $6.12 \mathrm { yr }$
B) $5.67 \mathrm { yr }$
C) $9.69 \mathrm { yr }$
D) $23.45 \mathrm { yr }$

Question

Quizplus · Accepted Answer

The rule of 72 is a quick way to estimate the number of years it will take for a variable to double at a given annual percentage rate. To use the rule, divide 72 by the annual percentage rate. In this case, 72 / 12 = 6. Therefore, it will take approximately 6 years for prices in the economy to double at a 12% annual inflation rate.

Write the Word or Phrase That Best Completes Each Statement 12%12 \%12%

Write the Word or Phrase That Best Completes Each Statement $12 \%$