Suppose a panel of economists is predicting that a nation's real gdp per capita will double in approximately 10 years. based upon the rule of 70, what must be the predicted annual growth rate of real gdp per capita?

The answer is: 7% annual growth rate

Explanation:

The Rule of 70 is a way to determine how many years it will take an economy to double its GDP (or GDP per capita) with a given annual growth rate.

The formula used by the Rule of 70 is:

number of years                    =                              70                      

to double an economy                  annual percentage growth rate

In this exercise we substitute the known variables and calculate:

             10 years  =  70 /  (annual growth rate)

             annual growth rate = 70 / 10 = 7%

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