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If the rate of inflation is 5% per year, the price level will double in about
If the rate of inflation is 5% per year, the price level will double in about.
Multiple choice:
a) 14 years
b) 5 years
c) 18 years
d) 10 years
Expert Solution
Computation of the number of years:-
Rule of 70, Year to double price level = 70 / 5
= 14 years
So, the price level will double in 14 years.
Hence, the correct option is a) 14 years
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