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19 July, 04:39

The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year. Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every:a. 5 Yearsb. 10 Yearsc. 20 Yearsd. 35 Yearse. 50 Years or more

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  1. 19 July, 07:21
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    It would take exactly 37 years

    Explanation:

    If we suppose that the economy starts at 10,000 billion dollars in 2020, the economy would only double by the year 2057, reaching a value of 20,399 billion dollars.

    If we substract 2020 from 2057, we obtain 37, which is the number of years it took for this economy to double growing at a rate of 2% per year.
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Home » Business » The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year. Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every:a. 5 Yearsb. 10 Yearsc. 20 Yearsd.
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