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If a country's economic growth rate is 4 percent a year, approximately how many years will it take to double its Real GDP
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If a country's economic growth rate is 4 percent a year, approximately how many years will it take to double its Real GDP

User Doori Bar
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1 Answer

5 votes

Answer:

17.5years

Step-by-step explanation:

The rule of 70 is used to determine how long it would take for a number to double depending on its growth rate. This is calculated with the formula;

70/Annual rate of return(in percentage)

Since we have determined the annual growth rate of the country to be 4 percent a year, we can approximately determine how many years it ill take to double its real GDP with the formula;

70/4

= 17.5years

User Matehat
by
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