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If one assumes that the current growth rate of consumption remains constant, the then expiration time in years is give by: T=1/r ln (rR/C + 1) where C = current consumption, r = current growth rate of consumption, and R = resource size. Suppose that the world's consumption of oil is growing at the rate of 7% per year (r = 0.07) and the current consumption is approximately 17 X 10^9 barrels per year. Fins the expiration time for the following estimates of R

a. R ≈ 1691 X 10^9 barrels (estimate of remaining crude oil)

b. R ≈ 1881 X 10^9 barrels (estimate of remaining crude plus shale oil)

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# Homework Help: Finding the rate with T=1/r ln (rR/C + 1) ?

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