If real GDP per capita grows at 5% per year consistently over time, how many years will it take for it to double?

Name: If real GDP per capita grows at 5% per year consistently over time, how many years will it take for it to double?
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Question

Quizplus · Accepted Answer

The rule of 70 states that to approximate the number of years it would take for a variable to double, divide the number 70 by the annual growth rate of the variable. Therefore, 70/5=14, meaning it would take approximately 14 years for real GDP per capita to double.

If Real GDP Per Capita Grows at 5% Per Year