Introduction to Economics 2 Deneme Sınavı Sorusu #350029

According to “the rule of 70”, how much does it take for a variable that grows at a pace of 30% in a year to double itself?


23 months

 

27 months

 

29 months

 

30 months

33 months


Yanıt Açıklaması:

The rule of 70 allows us to easily calculate how much it takes for a variable to double itself. If a variable grows at a pace of x percent per year, then it will take approximately70/x years for that variable to double in value. In this case, 70/30 makes 2.3 years, which makes almost 27 months.

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