Scenario: growth rates in two countries india is growing at a rate of 9% per year, and its real gdp per capita is about $3,500, while the united states is growing at a rate of 3% per year, and its real gdp per capita is about $47,000. (scenario: growth rates in two countries) look at the scenario growth rates in two countries. how long will it take the united states to double its real gdp per capita?

23,33 years.

Explanation:

We can use the rule of 70 to calculate what the value of a variable might be in the future(taking into consideration that it is an estimate). This rule is pretty efective to determine the amount of years that take a variable to double.

The rule of 70 is representated in this formula:

The annual rate of Growth is 3%

We replace:

Note: In the formula we need to put the percentage not divided by 100 but complete, so we put 3 instead of 0.03 for the formula to work.

At a constant growing rate of 3% per year, the United States would rake 23,33 years to double its real GDP per capita.

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