If the average annual growth rate of a country increases from 2% to 3%,how much faster will its GDP double?

Question

Quizplus · Accepted Answer

Using the Rule of 70, which is a way to estimate the number of years it takes for a quantity to double given a constant annual growth rate, we divide 70 by the growth rate. For a 2% growth rate, it takes 70 / 2 = 35 years to double. For a 3% growth rate, it takes 70 / 3 = approximately 23.33 years to double. The difference is 35 - 23.33 = 11.67 years, or 11 2/3 years faster.

If the Average Annual Growth Rate of a Country Increases