From 2006 to 2010, per capita real gross domestic product GDP) in the Philippines grew an average of 3.16 percent per year. At that rate, according to the Rule of 70, in roughly how many years will the Filipino economy double in size?

Question

Quizplus · Accepted Answer

The Rule of 70 states that to find the number of years for a variable to double, divide 70 by the annual growth rate. In this case, 70 divided by 3.16 equals approximately 22. Therefore, it will take approximately 22 years for the Filipino economy to double in size.

From 2006 to 2010, Per Capita Real Gross Domestic Product