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If a nation's real GDP is growing by 17
If a nation's real GDP is growing by 17.5 percent per year, its real GDP will double in approximately
Multiple Choice
- 4 years.
- 7 years.
- 35 years.
- 2 years.
Expert Solution
Computation of Number of Years to Double using Rule of 72:
Number of Years = 72/Annual Growth Rate
= 72/17.5
Number of Years = 4.11 or 4 Years
Or We calculate it using NPER Function in Excel:
=nper(rate,pmt,-pv,fv)
Here,
NPER = Number of Years = ?
Rate = 17.5%
PMT = 0
PV = 1
FV = 2
Substituting the values in formula:
=nper(17.5%,0,-1,2)
NPER or Number of Years = 4.30 or 4 Years
So, the correct option is 1st "4 Years".
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