Question

An economy grows at an annual rate of 3​%. It will take approximately______years for GDP to double. ​An economy grows at an annual rate of 10​%. It will take approximately_______years for GDP to double. ​

Answer 1

24 years

7 years

Step-by-step explanation:

Using the rule of 72, the number of years it would take GDP to double = 72 / annual rate

1. 72 / 3 = 24 years

2. 72 / 10 = 7.2 years

I hope my answer helps you