Question

First, find if a country's RGDP grows on average at 3% per year, how long will it take for this country to double its RGDP. If, instead, the RGDP average growth rate increases to 3.5%, how many years earlier will this country double its RGDP?This country will double its RGDP_____ years earlier. Round up your answer to the second decimal.

Answer 1

Answer:

At the growth rate of 3% per year

Number of years taken to double the GDP = 23.33 years

The the GDP will double ( 23.33 - 20 ) 3.33 years earlier at 3.5% growth rate

Explanation:

According to the rule of 70

Number of years taken to double the GDP = 70 ÷ [ Growth rate ]

Thus,

At the growth rate of 3% per year

Number of years taken to double the GDP = 70 ÷ 3

= 23.33 years

Further

if the growth rate is 3.5% per year

Number of years taken to double the GDP = 70 ÷ 3.5

= 20 years

Hence,

The the GDP will double ( 23.33 - 20 ) 3.33 years earlier at 3.5% growth rate