Ask Question
3 November, 06:33

Suppose that real GDP per capita in the United States is $49,000. If the long-term growth rate of real GDP per capita is 1.6% per year, how many years will it take for real GDP per capita to reach $98,000?

+3
Answers (1)
  1. 3 November, 06:46
    0
    The correct answer is 45 years.

    Explanation:

    According to the scenario, the computation of the given data are as follows:

    GDP per capita = $49,000

    Growth rate = 1.6%

    Required GDP = $98,000

    So, we can calculate the time period by using the Rule 72 formula:

    Rate * Time period = 72

    So, by putting the value,

    1.6 * Time period = 72

    Time period = 72 : 1.6

    Time period = 45 Years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose that real GDP per capita in the United States is $49,000. If the long-term growth rate of real GDP per capita is 1.6% per year, how ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers