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

Question

Toby Ho

Business

13 September, 11:48

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

+3

Answers (1)

Know the Answer?

Eleanor Stevens · Answer 1

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).

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. 1970b. 1985c. 2000d. 2005

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