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A country has GDP per capita equal to $5,000. If the country's GDP per capita increases...


A country has GDP per capita equal to $5,000. If the countrys GDP per capita increases at a rate of 5.93% per year then acco
A country has GDP per capita equal to $5,000. If the country's GDP per capita increases at a rate of 5.93% per year then according to the rule of 70 how many years will it take for GDP per capita to equal $20,000? Round to the nearest whole number.
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According to the rule of 70, we can find out the no. of years in which a perticular sum will double by dividing 70 by the growth rate.

So, here $5,000 would bexomeibecome $10,000 in 70/5.93 = 11.80 years.

Similarly, $10,000 would become $20,000 in 70/5.93 = 11.80 years.

So, total number of years required for $5,000 to become $10,000 = 11.80 +11.80 = 23.60 years.

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