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4 September, 11:59

At an annual growth rate of 3.5%, approximately how long does it take for real GDP per capita to increase from $30,000 to $60,000 in a country?

a. 5 years

b. 10 years

c. 15 years

d. 20 years

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Answers (1)
  1. 4 September, 14:32
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    d. 20 years

    Explanation:

    Rule 72 can be used calculate number of years that will be required to double GDP.

    Number of Years = 72 / 3.5

    = 22.5

    on the given choices, the closest number of years is 20 years.
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