According to the rule of 70, if GDP per person is growing at a rate of roughly 1.5%, approximately how many years will it take for average income to double?
A)47 years
B)20 years
C)70 years
D)23 years

Question

Quizplus · Accepted Answer

The rule of 70 is a way to estimate the number of years it takes for a quantity to double, given a specific annual growth rate. It is calculated by dividing 70 by the annual growth rate. In this case, 70 / 1.5 ≈ 46.67, which rounds to approximately 47 years.

According to the Rule of 70, If GDP Per Person