Suppose that real GDP per capita in the United States is $44,000. If the long-term growth rate of real GDP per capita is 2.4% per year, how many years will it take for real GDP per capita to reach $88,000?

4.8% per year

Explanation:

Data given in the question

Real GDP per capita = $44,000

Long term growth rate of real GDP per capita = 2.4% per year

Real GDP per capita = $44,000

Long term growth rate of real GDP per capita  = ?

Now the number of years to reach $88,000 is

As we can see that in $44,000 the long term growth rate is 2.4% per year

Now for $88,000 which is double of $44,000 so it would take

= 2.4% per year + 2.4% per year

= 4.8% per year

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