Question

At a 4 percent annual growth rate in GDP per capita, it will take
years for GDP per capita to double

Answer 1

Answer:

At a 4 percent annual growth rate in GDP per capita, it will take 18 years for GDP per capita to double.

Explanation:

• GDP stands for the gross domestic products. It is the basis to monitor the value of good and service in the market.
• According to rule of 70:

Number of years to double = $\frac{70}{annual growth rate}$

                                             = $\frac{70}{4}$

                                             ≈ 18 years

In this way in total of 18 years the GDP will be double at the constant annual growth rate of 4%.