If GDP per capita grows at an average annual rate of 2 percent, how many years will it take for living standards to double?

Name: If GDP per capita grows at an average annual rate of 2 percent, how many years will it take for living standards to double?
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Question

Quizplus · Accepted Answer

The rule of 72 is a simple way to estimate the number of years required to double the value of an investment at a fixed annual rate of interest. By dividing 72 by the annual rate of growth (2 percent in this case), we get 36 years.

If GDP Per Capita Grows at an Average Annual Rate