According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Question

Quizplus · Accepted Answer

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, by dividing 70 by the percentage growth rate. For a 2% growth rate, it takes 35 years (70/2) to double. For a 3% growth rate, it takes about 23.3 years (70/3) to double. The difference between these two durations is 11.7 years, which is approximately the answer choice B, 11.67.

According to the Rule of 70, If a Country's Real