Ask Question
BusinessBusiness
1 March, 07:44

A nation's average annual real GDP growth rate is 2.5 percent. Based on the rule of 70, the approximate number of years that it would take for this nation's real GDP to double is

+3
Answers (2)
  1. 1 March, 07:50
    0
    28 years

    Explanation:

    The formula for calculating the year a country's real will double given a rule of 70 is given as follows:

    ND = 70/APGR

    Where ND = Number of years to double

    APGR = Annual percentage growth rate

    The usefulness of the formula is that it can assist in economic and financial estimates and also to comprehend the compound growth rate characteristics.

    In this question, we can calculate the number of years to double as follows:

    ND = 70/2.5 = 28 years.

    I wish the best.
  2. 1 March, 08:03
    0
    Answer: 28 years

    Explanation: According to finance terms, the rule of 70 approximates the amount of years it takes for an amount to double. In this case the amount is the nation's real GDP rate. Real gross domestic product, or GDP, measures the value of all products and services' value within a country in terms of base year prices. This figure is adjusted for inflation.

    To calculate the rule of 70, the following formula is used:

    70 : annual growth percentage

    =70 : 2.5

    =28 years

    Therefore it takes 28 years for the real GDP to double.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A nation's average annual real GDP growth rate is 2.5 percent. Based on the rule of 70, the approximate number of years that it would take ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The law o supply states that as the price of a good rises the quantity supplied of that good
Answers (1)
Lei Company accumulates the following adjustment data at December 31. 1. Services provided but not recorded total $1,000. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4.
Answers (1)
What are eggs, toilet paper, and candy bars example of? A. Specialty goods B. Convenience goods C. Shopping goods D. Unsought goods
Answers (1)
Your restaurant accurate positioning in the market place is important
Answers (1)
What is the expected number of wins for the month of november?
Answers (1)
New Questions in Business
Suppose that M = 300, P = 100, and Y = 6. Then the velocity of circulation equals Select one: a. 2.00. b. 3.00. c. 50 d. 0.50. e. 0.02.
Answers (1)
Suppose that today, the current yield for a corporate bond is 4.3%. If the market price goes up by 11% tomorrow, compute the current yield after the increase.
Answers (1)
Determine the future amount if $240,000 is to be received 5 years from today, at 10 percent annual interest.
Answers (1)
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value.
Answers (1)
Tirri Corporation has provided the following information: Cost per UnitCost per Period Direct materials$7.35 Direct labor$3.55 Variable manufacturing overhead$1.40 Fixed manufacturing overhead $24,100 Sales commissions$1.
Answers (1)
Home » Business » A nation's average annual real GDP growth rate is 2.5 percent. Based on the rule of 70, the approximate number of years that it would take for this nation's real GDP to double is
Sign Up Forgot Password?