a.
The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.
Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.
Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.
The formula of Rule of 70 is as follows:
b.
The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.
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