A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time due to a phenomenon known as (Click to select) inflation expansion interest compounding.
Instructions: Round your answer to the nearest whole number.
Using the rule of 70, if a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent, the average income during this person’s lifetime would increase by approximately times.
