3 ms·
Your calculation is way off. You forget that the rule of 72 is how long it takes for the money to double. Thus, the final calculation is 2^7.6 which is, as any
by Locke1689 14y ago
Your calculation is way off. You forget that the rule of 72 is how long it takes for the money to double. Thus, the final calculation is 2^7.6 which is, as any good computer scientist knows, a little less than 256
- Tycho 14y agoHuh? At 5% growth per annum, the economy takes 70/5=14 years to double (I prefer the rule of 70). 112 years since 1900, so that's enough time for the economy to double 112/14=8 times.
- adrianN 14y agoThe economy grew by a factor of 1.05^112 = 236. Which is close enough to his number to assume that he missed the "doubling" part of the question. 236 is about 7-8 doublings.
- Locke1689 14y agoWoops, yeah, I thought it asked how many times larger the economy was, not how many times it doubled (which, btw, seems like a weird way to phrase the question to me).
- deleted 14y ago[deleted]