India is growing at a rate of 9% per year,and its real GDP per capita is about $3 500,while Canada is growing at a rate of 3% per year,and its real GDP per capita is about $47 000.How long will it take Canada to double its real GDP per capita?

Question

Quizplus · Accepted Answer

To calculate the number of years it takes for Canada to double its real GDP per capita, we can use the rule of 70. The rule of 70 states that to find the approximate number of years for a variable to double, you can divide 70 by the annual growth rate of that variable.

For Canada, the annual growth rate is 3%, so dividing 70 by 3 gives us approximately 23.3. Therefore, it will take Canada about 23.3 years to double its real GDP per capita.

India Is Growing at a Rate of 9% Per Year,and