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Suppose that real gdp per capita in italy is $33,500. if real gdp per capita is growing at a rate of 1.6% per year, how many years will it take for real gdp per capita to reach $67,000?

Respuesta :

Answer:

45 years

Explanation:

The computation of the number of years to reach the $67,000 real GDP per capita is shown below:

Here we use the rule of 72 that doubles the real gdp per capita

= 72 ÷ growth rate

= 72 ÷ 1.6%

= 45 years

In 45 years the real GDP per capita would be doubled that means from $33,500 to $67,000 it would be reached in 45 years

We simply applied the above formula so that the correct value could come

And, the same is to be considered  

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