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31 May, 10:00

Suppose that real GDP per capita in the United States is $44,000. If the long-term growth rate of real GDP per capita is 2.4% per year, how many years will it take for real GDP per capita to reach $88,000?

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  1. 31 May, 12:11
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    4.8% per year

    Explanation:

    Data given in the question

    Real GDP per capita = $44,000

    Long term growth rate of real GDP per capita = 2.4% per year

    Real GDP per capita = $44,000

    Long term growth rate of real GDP per capita = ?

    Now the number of years to reach $88,000 is

    As we can see that in $44,000 the long term growth rate is 2.4% per year

    Now for $88,000 which is double of $44,000 so it would take

    = 2.4% per year + 2.4% per year

    = 4.8% per year
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