An economy growing at a steady rate of 2.6 percent per year doubles in size approximately every __________ years.

Question

Quizplus · Accepted Answer

To find the number of years it takes for an economy to double in size, we can use the rule of 70. The rule of 70 states that the number of years it takes for a variable to double is approximately equal to 70 divided by the growth rate of the variable. In this case, the growth rate is 2.6 percent per year, so:

70/2.6 = 26.92

Therefore, an economy growing at a steady rate of 2.6 percent per year doubles in size approximately every 27 years. So, the best answer is B.

An Economy Growing at a Steady Rate of 2