Question

If GDP is expected to increase at a steady rate of 3% per year, how many years would it take for living standards to double

Answer 1

24 years

Step-by-step explanation:

In a situation where a country GDP which is fully known as GROSS DOMESTIC PRODUCT was been expected to increase or grow at a rate of 3% per year or per annual which means that it will actually takes up to 24 years for a country economy living standard to double .

Therefore the numbers of years it would take for a country living standards to double will be 23 years.