Use the approximate doubling time formula (rule of 70) for the case described below. Discuss whether the formula is valid for the case described. An economic indicator is increasing at the rate of 7% per year. What is its doubling time? By what factor will the indicator increase in 2 years?
What is its doubling time?
years
(Type an integer or decimal rounded to the nearest tenth as needed.)
By what factor will the indicator increase in 2 years?
(Type an integer or decimal rounded to the nearest hundredth as needed.)
Is this formula valid in the case described?
Yes
No
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