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

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

Quizplus · Accepted Answer

The rule of 72 states that to find the number of years it takes for a value to double, you can divide 72 by the growth rate. Therefore, 72/3 = 24. It will take approximately 24 years for GDP to double in size if it grows at a rate of 3% per year. Therefore, the closest answer is C (23 years).

If GDP Grows at a Rate of 3% Per Year,approximately