If real GDP per capita in the United States is currently $50,000 and grows at 2.5 percent per year, how many years will it take to reach $200,000?

Question

Quizplus · Accepted Answer

Using the Rule of 70, which estimates the doubling time of an investment or economy growing at a constant rate, we calculate: 70 / 2.5 = 28 years to double. Since $50,000 needs to double twice to reach $200,000, it will take approximately 56 years.

If Real GDP Per Capita in the United States Is