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

Name: If GDP grows at a rate of 3 per cent per year,approximately how long will it take for GDP to double in size?
Brand: Quizplus
Rating: 4.9 (46 reviews)

Question

Quizplus · Accepted Answer

To calculate the doubling time, we can use the Rule of 70:

Doubling time = 70/annual growth rate

So, in this case, the doubling time would be:

Doubling time = 70/3 = 23.3

Rounded to the nearest whole number, the answer is 23 years (choice C).

If GDP Grows at a Rate of 3 Per Cent