Question

Using the "rule of 72" approximately how long will it take for productivity to double with a constant productivity growth rate of 1.5 percent per year?

Answer 1

48 years

Step-by-step explanation:

The rule of 72 (or rule of 70) is a quick way to estimate the number of years it takes an investment to double given a certain compounding interest rate. It also serves to calculate the time needed to double certain parameters of an economy given a growth rate:

72 / 1.5 = 48 years