If the current growth rate of real GDP per person is 7 percent a year, how long will it take for real GDP per person to double?

Question

Quizplus · Accepted Answer

To determine how long it will take for real GDP per person to double with a 7 percent annual growth rate, we can use the Rule of 70. The Rule of 70 is a way to estimate the number of years it takes for a quantity to double given a constant annual growth rate. It is calculated by dividing 70 by the annual growth rate. In this case, 70 divided by 7 equals 10 years.

If the Current Growth Rate of Real GDP Per Person