1. If something grows at 5% per year, how long will it take to double (approximately)?...

Question

Question

1. If something grows at 5% per year, how long will it take to double (approximately)?

2. Name three or four institutions that are important for economic growth.

business economics

Answer 1

Answer #1

Answering only first question as per HomeworkLib policy

1.) Using rule of 70

Number of years to double = 70 is divided by the growth rate in %

= 70/5 = 14

Thus 14 years are needed to get doubled

Answer 2

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