In Canada, incomes have historically grown about 2% per year. At this rate, how long will it take for incomes to double?
A) 10 years
B) 25 years
C) 35 years
D) 50 years

Question

Quizplus · Accepted Answer

According to the rule of 72, which estimates the time it takes for an investment to double at a given annual rate of return, it would take approximately 36 years for an investment to double at a 2% annual growth rate. Therefore, it can be assumed that incomes will also double in approximately 35 years.

In Canada, Incomes Have Historically Grown About 2% Per Year