Your work is correct . . .
If the price doubles, then will be twice the initial price
. . Hence: .
I need help on the following question:
If prices are increasing at the rate of 7.8% per year write down an equation for prices as a function of time. How long does it take for prices to double? How long does it take for prices to treble?
I have found the equation:
To find t i transpose the equation to get:
now i don't know how to find how long does it take for prices to double or treble, because what will the values be for P and Po?