7% inflation is exponential in 10 years i.e prices would double.
"A quantity grows exponentially when its increase is proportional to what is
already there. A common example is compound interest, where $100 invested
at 7% per year annual compound interest will double in 10 years! Exponential
growth applies to populations, too -- if a population grows at 7%
per year, it, too, will double in 10 years."
Of course inflation would have to stay at 7% for the entire 10 years for it to
be exponential. But it also means an inflation rate of 14% is exponential in 5 years.
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