In how many years will real GDP per person in Canada double, given its average growth rate during the past century?

Question

Quizplus · Accepted Answer

According to the rule of 70, the number of years it takes for a variable to double is approximately equal to 70 divided by its average annual growth rate. Canada's average real GDP per person growth rate during the past century has been around 2% per year. Therefore, 70/2 = 35. So, it will take approximately 35 years for real GDP per person in Canada to double.

In How Many Years Will Real GDP Per Person in Canada