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Discuss (i) the relative strengths of capital accumulation and technological progress in contributing to China's high growth rates during 1995- 2007; and (ii) the two main channels of technological progress in China.
Compounded Nominal Rate
The rate of interest quoted for a period, usually a year, without taking into account the effect of compounding within that period.
Effective Rate
The actual interest rate of an investment or loan, taking into account the effect of compounding interest as opposed to the nominal or stated rate.
Annuity
A monetary product designed to deliver regular payouts, mainly aimed at funding retirees' income needs.
Compounded Monthly
A compound interest calculation method where interest is added to the principal balance each month.
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