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Real per capita GDP in China in 1961 was about $350, but it doubled to about $700.00 by 1979. a. What was the average annual economic growth rate in China over the 18.00 years from 1961 to 1979? (NOTE: Round this to two places past the decimal point.) % b. Per capita real GDP doubled in China again in only seven years, reaching $1400.00 by 1986.00. What was the average annual economic growth rate between 1979 and 1986.00? (NOTE: Round this to two places past the decimal point.)

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tutordamola

Answer:

The answer is

A. 3.93%

B. 10.42%

Explanation:

The formula for growth rate is:

[(Present value ÷ Past value)^1/n] - 1

where n is the difference between the number of years.

QUESTION A:

Present Real per capita GDP = $700.00

Past Real per capita GDP = $350.00

n is 18 years

[($700/$350)^1/18] - 1

(2^0.055556) - 1

3.93%

QUESTION A:

Past Real per capita GDP = $700.00($1,400.00÷ 2)

Present Real per capita GDP = $1,400.00

n is 7 years

[($1400/$700)^1/7] - 1

(2^0.143) - 1

10.42%

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