Solve the Problem. -Use the Rule of 70 to Estimate the Annual Inflation

question 78

Multiple Choice

Solve the problem.
-Use the rule of 70 to estimate the annual inflation rate (to the nearest tenth of a percent) that would cause the general level of prices to double in 28 years.

• A)2.4%
• B)2.5%
• C)2.9%
• D)2.3%

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Definitions:

Psychometric

Pertaining to the measurement of mental functions, abilities, and processes through quantitative tests.

Quantitatively

Pertaining to the measurement or quantification of something using numbers or quantities.

Intelligence

The ability to learn from experience, solve problems, and adapt to new situations.

Piagetian

Relating to the developmental theories of Jean Piaget, focusing on how children's cognition develops in stages.