Approximately How Long Will It Take Ethiopia to Double Its

question 233

Multiple Choice

Approximately how long will it take Ethiopia to double its real GDP per person of $100 if its growth rate of real GDP per person is 0.9 percent?

• A)63 years
• B)77.7 years
• C)70 years
• D)109 years
• E)100 years

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Definitions:

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the principal, paid to lenders over a period.

Real Rate of Return

The rate of profit or loss on an investment after adjusting for inflation, providing a more accurate measure of purchasing power.

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.

Interest Rate

The cost of borrowing money, typically expressed as a percentage of the amount borrowed, over a specific period of time.