An economy grows at an annual rate of 3%. It will take approximatelyyears for GDP to...

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Question

An economy grows at an annual rate of 3%. It will take approximatelyyears for GDP to double. (Round your answer to the neares

Answer 1

Answer #1

As per the rule of 70

time to double the investment = 70 / interest rate

When i = 3%, time to double the GDP = 70 / 3 = 23.33 yrs = 23 yrs (Nearest Whole number)

When i = 6%, time to double the GDP = 70 / 6 = 11.67 yrs = 12 yrs (Nearest Whole number)

Answer 2

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