Assuming a country's economy maintains an 7% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached which age? a. 30 b. 60 c. 40 d. 50
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To calculate the number of years it takes for an amount to double with a given growth rate, we can use the rule of 72. The rule of 72 states that you can divide 72 by the annual growth rate to estimate how long it will take for an investment to double. In this Show more…
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