Rule of 72 - This rule is used to approximate the time required for prices to double due to inflation. If the inflation rate is r%, then the Rule of 72 estimates that prices will double in 72/r years. For instance, at an inflation rate of 6%, prices double in about 72/6 or 12 years. Write a PYTHON program to test the accuracy of this rule. For each interest rate from 1% to 20%, the program should display the rounded value of 72/r and the actual number of years required for prices to double at an r% inflation rate. (Assume prices increase at the end of each year.) The Figure below shows the first five sets of values and the outcome of the PYTHON code program.

Rule of 72

Interest Doubling Time Actual Doubling

Rate (in years) Time (in years)

1% 72 70

2% 36 36

3% 24 24

4% 18 18

5% 14 15