At an annual growth rate of 3.5%, it will take approximately [blank] years for a country's GDP to double.Over the next 60 years, how many times will GDP double, assuming the growth rate does not change? [blank]If GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ [blank] million.In 60 years the value of GDP will be [blank] times larger than it is today.

Part A: Let the original GDP be x and the double of this GDP is 2x. Let’s calculate - how many years…

At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double. Over the next 60 years, how many times will GDP double, assuming the growth rate does not change? If GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ million.

At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double. Over the next 60 years, how many times will GDP double, assuming the growth rate does not change? If GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

At an annual growth rate of 3.5%, it will take approximately [blank] years for a country's GDP to double.

Over the next 60 years, how many times will GDP double, assuming the growth rate does not change? [blank]

If GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ [blank] million.

In 60 years the value of GDP will be [blank] times larger than it is today.

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