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Compounding Which would you rather have? • $10,000 per day for a the month of June? • $0.01 a day doubling each day, for the month of June? • If you chose $10,000 a day you would end up with $300,000. • However, if you chose the $0.01 doubled each day at the end of June you would have $ 10, 737, 418.23. • Such is the power of compounding, since growth occurs on top of the growth that has already taken place. • The impact of compounding in demography is not as dramatic. •Consider a Canadian couple married in 1960, theoretically they could have 16 million descents today. • A simple way to think about the impact of population growth is to consider what is called the doubling time for a population. • Doubling time is the amount of time it would take for a country’s population to double at the current growth rate. • The rule of 70 is an easy way to estimate this. Simply divide 70 by the population growth rate, and this gives you an estimate of how many years it will take the population to double. • If Canada’s growth rate is 0.8%, How many years will it take to double? 70/0.8 = 87 years • Countries with a much higher growth rate would double in size at a quicker rate. A country like Togo has a growth rate of 2.4%; therefore it is estimated they would double every 30 years. • To understand the significance of this, it would be very difficult for a rich country like Canada to supply food, housing, healthcare, education, and other essential items for its country if the population doubled every 30 years. For a poor country like Togo it is impossible. Different Ages – Different Roles • Demographers have three important stages in life • Children (Under 15) • Working adults (15 to 64) • Older Adults (65 and over) • There is an assumption that children and older adults are unable to work. Under 15 are too young to hold a permanent job, while 65 and older are too old to hold a permanent job. • These two age groups are part of the dependency load as they are dependant on people for support. • A high dependency load puts a great deal of pressure on the society to provide things like education, housing, healthcare, and senior homes. • Canada today has a dependency load of 31%(18% children, 13% seniors).