00:01
Okay, so we're going to be looking at an analysis of gdp growth and we're given interesting information.
00:10
The, if you suppose that gdp in the previous year was 1 .8 trillion.
00:20
We're basically looking at 2018, 2017 was the previous year, 1 .8 trillion.
00:32
Trillion dollars and in 2019 2018 it was actually 1 .9 trillion.
00:41
So the question is how long is it going to take for is it going to take for the gdp to double to 3 .6 trillion? okay so what we basically look at in order to double we then have to apply the 70 rule.
01:03
Okay, so first of all, first of all, we need to find the percentage increase by how much the gdp increase.
01:13
So we're basically going to use the, the formula, the growth rate is simply going to be a t1 minus t0 over t0 times 100.
01:28
Okay, so the t1 would be the 1 .9 trillion for 2018 minus the time 2017 is 1 .8 over 1 .8 the original times hundred.
01:45
This basically gives us 5 .56%.
01:53
Now with 5 .6 % if we then apply the rule of 70 to find out by how long it's going to take for the gdp growth rate to double.
02:10
Then we simply say 70 divided by the percentage 5 .56.
02:17
This gives us an amount of 12 .6%...