Business

27 June, 19:00

Suppose that real GDP per capita of a rich country is $40,000. Real GDP per capita in a poor country is $10,000. Suppose that rate of growth of GDP per capita in the rich country is 2.33% per year and in the poor country is 7% per year. Using the "Rule of 70", calculate how many years it will take for GDP per capita in the poor country to catch up with GDP per capita in the rich country?

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