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Tools DS voiding 4. Using the rule of 70 Consider an imaginary economy that has been growing at a rate of 6% per year. Government economists have proposed a number of policies to increase the growth rate but first need to convince the president that the policies will pay off. To do so, they want to present a comparison of the number of years it will take for the economy to double, depending on the growth rate. Using the rule of 70, determine the number of years it will take the economy to double at each growth rate. Years Required to Double (Nearest whole number of years) Growth Rate (Percent) 6 7 8 OI Grade It Now Save & Continue Continue without saving ם נפם Oct 2 A-Z 9:27 9

Tools DS voiding 4. Using the rule of 70 Consider an imaginary economy that has been growing at a rate of 6% per year. Government economists have proposed a number of policies to increase the growth rate but first need to convince the president that the policies will pay off. To do so, they want to present a comparison of the number of years it will take for the economy to double, depending on the growth rate. Using the rule of 70, determine the number of years it will take the economy to double at each growth rate. Years Required to Double (Nearest whole number of years) Growth Rate (Percent) 6 7 8 OI Grade It Now Save & Continue Continue without saving ם נפם Oct 2 A-Z 9:27 9

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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esc Week 6 Writing Assignment ← C k Wagner Portrait Gro... Racheal Marie ✓ ✰ My Home Courses BERental Options Week 6 Wiritng Assignment - Go X ng.cengage.com/static/nb/ui/evo/index.html?deploymentid=5981412470581061040044530160&eISBN=9780357133576&id=1581151212&snapshotld-31... disney plus custom.... Catalog and Study Tools College Success Tips Career Success Tips RECOMMENDED FOR YOU ? Help Give Feedback F X « Academic Integrity: Avoiding Plagiarism USPS.com® - USPS... Manage Your Walm... MindTap - Cengage Learning CENGAGE MINDTAP Homework(Ch 27) 4. Using the rule of 70 Growth Rate (Percent) 6 X 7 8 Scoutbook Using the rule of 70, determine the number of years it will take the economy to double at each growth rate. C + Consider an imaginary economy that has been growing at a rate of 6% per year. Government economists have proposed a number of policies to increase the growth rate but first need to convince the president that the policies will pay off. To do so, they want to present a comparison of the number of years it will take for the economy to double, depending on the growth rate. Years Required to Double (Nearest whole number of years) Goldkey for NEO Fl Home | Graduation... Mail - Motley, Rach... Grade It Now < ☆ Q Search this course Save & Continue WN! Continue without saving Oct 2 - P X 9:27 (8) LO X : ? A-Z (1 bango
Transcribed Image Text:esc Week 6 Writing Assignment ← C k Wagner Portrait Gro... Racheal Marie ✓ ✰ My Home Courses BERental Options Week 6 Wiritng Assignment - Go X ng.cengage.com/static/nb/ui/evo/index.html?deploymentid=5981412470581061040044530160&eISBN=9780357133576&id=1581151212&snapshotld-31... disney plus custom.... Catalog and Study Tools College Success Tips Career Success Tips RECOMMENDED FOR YOU ? Help Give Feedback F X « Academic Integrity: Avoiding Plagiarism USPS.com® - USPS... Manage Your Walm... MindTap - Cengage Learning CENGAGE MINDTAP Homework(Ch 27) 4. Using the rule of 70 Growth Rate (Percent) 6 X 7 8 Scoutbook Using the rule of 70, determine the number of years it will take the economy to double at each growth rate. C + Consider an imaginary economy that has been growing at a rate of 6% per year. Government economists have proposed a number of policies to increase the growth rate but first need to convince the president that the policies will pay off. To do so, they want to present a comparison of the number of years it will take for the economy to double, depending on the growth rate. Years Required to Double (Nearest whole number of years) Goldkey for NEO Fl Home | Graduation... Mail - Motley, Rach... Grade It Now < ☆ Q Search this course Save & Continue WN! Continue without saving Oct 2 - P X 9:27 (8) LO X : ? A-Z (1 bango
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Step 1

The rule of 70 permits you to calculate how long the amount invested will double. For this, just divide 70 by the interest rate. The rule of 70 can be applied intuitively for the computation of other growth rates, like a country's GDP.

 

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