Question

If the growth rate in an economy is 3%, then its GDP will double in about:

A.
20 years.

B.
23.33 years.

C.
70 years.

D.
245 years.

Answer 1

B. 23.33 years.

Step-by-step explanation:

If we are going to make use of rule of seventy (70) to help us know the actual time that it takes for a country to double their economy GROSS DOMESTIC PRODUCT (GDP) which means that it will take up to 14 years for a country that has 5% growth rate to double their GDP but in a situation where a country economy has a growth rate of 3% it will takes actually takes 23 .3 years to double their GDP or 10 years to double their GDP.