Question

use the approximate doubling time formula (rule of 70) for the case described below. discuss whether the formula is valid for the case described.
oil consumption is increasing at a rate of 0.4% per year. what is its doubling time? by what factor will oil consumption increase in 1 decade?

what is its doubling time?
175 years
(type an integer or decimal rounded to two decimal places as needed.)

by what factor will oil consumption increase in 1 decade?
1.040
(type an integer or decimal rounded to three decimal places as needed.)

is this formula valid in the case described?
yes, the given growth rate is above 15%
no, the given growth rate is above 15%
yes, the given growth rate is below 15%
no, the given growth rate is below 15%

Explanation:

Calculate the doubling time

Using the Rule of 70 knowledge point

$$ T_{\text{double}} \approx \frac{70}{r} = \frac{70}{0.4} = 175\text{ years} $$

Calculate the growth factor in 1 decade

Using the Approximate Growth Factor knowledge point

$$
LATEXBLOCK0
$$

Determine the validity of the rule of 70

Using the Rule of 70 knowledge point

$$
LATEXBLOCK1
$$

Answer:

Question 1

The doubling time is <blank>175</blank> years.

Question 2

The factor by which oil consumption will increase in 1 decade is <blank>1.040</blank>.

Question 3

• Yes, the given growth rate is above 15%
• No, the given growth rate is above 15%
• Yes, the given growth rate is below 15% (Correct answer)
• No, the given growth rate is below 15%