If real GDP per person is growing at 4 percent per year, approximately how many years will it take to double?

Question

Quizplus · Accepted Answer

The rule of 70 states that to find the approximate number of years it takes for a variable to double, divide 70 by the annual growth rate. In this case, 70 divided by 4 is approximately 17.5 years. Therefore, it would take approximately 17.5 years for real GDP per person to double.

If Real GDP Per Person Is Growing at 4 Percent