Question

According to the rule of 72, if the GDP of the Apex Federation is growing at 1.3% per year, its economy will double in approximately how many years?

Answer 1

38 years

it was right for me

Answer 2

Approximately 55 years.

Explanation:

Since, according to the rule of 72,

An amount is doubled when the product of time ( In years ) and the annual interest rate ( in percentage ) is 72.

Here, the annual rate of interest = 1.3 %,

Let after t years the economy will be doubled,

Thus, by the above rule,

`1.3 t=72`

`t=55.3846154\approx 55`

Thus, after 55 years ( approx ) the economy will be doubled.