If real GDP per capita doubles between 2005 and 2020,what is the average annual growth rate of real GDP per capita?

Question

Quizplus · Accepted Answer

The average annual growth rate can be calculated using the rule of 70, which states that the doubling time of an investment can be found by dividing 70 by the annual growth rate. Given a doubling time of 15 years (from 2005 to 2020), we can rearrange the formula to solve for the growth rate: growth rate = 70 / doubling time = 70 / 15 = 4.7%.

If Real GDP Per Capita Doubles Between 2005 and 2020,what