Answer:
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
