If GDP grows at a rate of 3% per year, approximately how long will it take for GDP to double in size?

Question

Quizplus · Accepted Answer

The rule of 72 states that if you divide 72 by the growth rate, you will get the number of years it takes for a quantity to double. In this case, 72 divided by 3 is 24, so it would take approximately 24 years for GDP to double in size. Of the options given, C is the closest to 24 years at 23 years.

If GDP Grows at a Rate of 3% Per Year