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31 August, 21:25

If real GDP per capita in the United States is currently $50,000 and grows at 2.5% per year, it will take approximately how many years to reach $200,000?

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  1. 31 August, 22:00
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    A. approximately 56 years

    Explanation:

    Giving that

    Annual percentage growth rate = 2.5%

    Using rule of 70

    Years to double = 70 : 2.5

    = 28 years

    Therefore, years to quadruple from original GDP

    = 28 * 2

    = 56 years

    Therefore it will take 56 years for US GDP to reach 200,000 from 50,000 at annual rate of 2.5
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