The Real GDP Per Capita in an Economy Increases at a Rate

question 128

Essay

The real GDP per capita in an economy increases at a rate of 2.6 percent. Calculate the number of years that it takes for real GDP to double. Assuming that the current GDP per capita is $40,000 and the growth rate will be on average 2.6 percent, how much will GDP per capita be after 10 years? After 20 years? After 30 years? Draw a graph to show approximately the evolution of this economy for the next 30 years.

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