Question

If Greenville’s GDP doubled over 5 years, what was the approximate annual growth rate (using the rule of 70)?

a) 20%
b) 5%
c) 9%
d) 14%

Answer 1

The rule of 70 is used to determine how many years it will take for an economy to double in size. The equation is 70/percent growth = years to double. In this question, you are given the number of years and are asked to determine the percentage growth.

Therefore the answer would be d) 14%