If a country's initial real GDP is $48,861 and its yearly growth rate of GDP is 1.6%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. Round your answer to two digits after the decimal.
If a country's initial real GDP is $48,861 and its yearly growth rate of GDP is 1.6%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. Round your answer to two digits after the decimal.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter17: Economic Growth: Resources, Technology, Ideas And Institutions
Section: Chapter Questions
Problem 1WNG
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If a country's initial real GDP is $48,861 and its yearly growth rate of GDP is 1.6%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. Round your answer to two digits after the decimal.
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