India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000. How long will it take the United States to double its real GDP per capita?

Question

Quizplus · Accepted Answer

To double its real GDP per capita, the United States needs to grow at an annual rate of approximately 7% (using the rule of 70: 70/7 = 10 years to double). With a growth rate of 3%, it will take the United States approximately 23.3 years to double its real GDP per capita.

India Is Growing at a Rate of 9% Per Year