If real GDP grows at an average rate of 3% per year, it will double in _____ years.

Name: If real GDP grows at an average rate of 3% per year, it will double in _____ years.
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Question

Quizplus · Accepted Answer

The rule of 72 states that to find the number of years it takes for a certain variable to double, you divide 72 by the annual growth rate. Therefore, 72/3 = 24. So, it would take approximately 23 years for real GDP to double at an average growth rate of 3% per year.

If Real GDP Grows at an Average Rate of 3