If a country's economic growth rate is 4 percent a year, approximately how many years will it take to double its Real GDP

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01-01-2021
Business

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If a country's economic growth rate is 4 percent a year, approximately how many years will it take to double its Real GDP

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OlanmaEidn OlanmaEidn · Answer 1 · 2021-01-06T02:25:12-05:00

OlanmaEidn OlanmaEidn

06-01-2021

Answer:

17.5years

Explanation:

The rule of 70 is used to determine how long it would take for a number to double depending on its growth rate. This is calculated with the formula;

70/Annual rate of return(in percentage)

Since we have determined the annual growth rate of the country to be 4 percent a year, we can approximately determine how many years it ill take to double its real GDP with the formula;

70/4

= 17.5years

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