19) Suppose Mexico real GDP per person in 2008 is $6,000 and the U.S. real GDP p

Question

19) Suppose Mexico real GDP per person in 2008 is $6,000 and the U.S. real GDP per person is $24,000. Mexico has annual growth in real GDP per person of 5%. Approximately how many years will it take Mexico equal $24,000 of real GDP per Person ?

Beaten 18 of 50 This Questions into Tara Remaining 60:20 as Suppose Mercos real GDP per person in 2008 in hand and the US real GDP per person in $24000 Mateo has said growth in real GDP per person of 6 present approaster over many years we too meat reseason of real GDP per person? o 40 years OB 18 years Oc36 years Oo 14 years OE 23 years

Explanation / Answer

6000(1+0.05)^t = 24,000

(1.05)^t = 4

t log1.05 = log4

t = log4/log1.05

t = 28

So, it's E

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