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Suppose a country's annual growth rate of real gdp per capita is approximately 2%. by which year would the country double its real gdp per capita from $10,000 in 1950 to $20,000? a.1970 b.1985 c.2000 d.
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Oct 16, 2018
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Suppose a country's annual growth rate of real gdp per capita is approximately 2%. by which year would the country double its real gdp per capita from $10,000 in 1950 to $20,000?
a.1970
b.1985
c.2000
d.2005
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SwampThingTom
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It should be 1986, but for the sake of the options it's most likely 1985. You just have to do trial and error. So 10,000 × 1.02^t (where t is the time in years). I've got 1.02 because it's a 2% increase from 100% (Basically decimal form).
Otiel
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Oct 21, 2018
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