The president of the World Bank is on his way to a meeting with the president of Uruguay.He bumps into you in the hallway and wants to know how long it will take for Uruguayan per capita GDP to double.All he knows is that the average growth rate has been about 1 percent.You quickly tell him it will take about __________ years because you know __________.

Question

Quizplus · Accepted Answer

The rule of 70 is used to estimate the number of years it will take for a variable to double, based on its annual growth rate. It is calculated by dividing 70 by the annual growth rate. In this case, with a growth rate of 1 percent, it will take approximately 70 years for Uruguayan per capita GDP to double.

The President of the World Bank Is on His Way