According to the "Rule of 70," how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%?

Question

Quizplus · Accepted Answer

The Rule of 70 states that the number of years it takes for a variable that grows at a constant rate to double is approximately given by the formula 70 divided by the annual growth rate. Applying this rule, we have: 70/5 = 14. Therefore, it will take approximately 14 years for real GDP per capita to double at a growth rate of 5%.

According to the "Rule of 70," How Many Years Will