According to the rule of 72, if the GDP of the Apex Federation is growing at 1.3% per year, its economy will double in approximately how many years?

Question

asked May 26, 2018 196k views

2 Answers

Jason Freitas · Answer 1 · 2018-05-30T06:41:53+0000

Answer:

Approximately 55 years.

Explanation:

Since, according to the rule of 72,

An amount is doubled when the product of time ( In years ) and the annual interest rate ( in percentage ) is 72.

Here, the annual rate of interest = 1.3 %,

Let after t years the economy will be doubled,

Thus, by the above rule,

1.3 t=72

$t=55.3846154\approx 55$

Thus, after 55 years ( approx ) the economy will be doubled.