Solve the problem.Prices in an economy with a 12% annual inflation rate can be modeled by P = pert, where r is the inflation rate, t is the time in years, and p is the current price. How long will it take for prices in the economy to double at a 12% annual inflation rate?

A. 23.45 years
B. 6.78 years
C. 5.78 years
D. 9.16 years


Answer: C

Mathematics

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