Question

Richland’s real GDP per person is $10,000, and Poorland’s real GDP per person is $5,000. However, Richland’s real GDP per person is growing at 2 percent per year, and Poorland’s is growing at 4 percent per year. Compare real GDP per person in the two countries after 10 years and after 20 years. Approximately how many years will it take Poorland to catch up to Richland? I tried the formula but it didn't work. Please help me!

Answer 1

maybe this will help

Answer 2

Thank you so much. It did not work too. maybe the problem is wrong. I don't know. Thanks for helping

Answer 3

well, if u look at the table i sent u, both per capita GDPs will be equal (Poorland will have caught up with Richland) sometime in the 35th year.

Answer 4

yeah. It worked but after ten years for both poorland and richland did not work.

Answer 5

I mean GDP per person after ten and twenty years

Answer 6

yes. but u r only asked to compute the per capita GDP in 10 and 20 years time. not to see if in those many years Poorland can catch up to Richland.

Then u r asked how many years it would take Poorland to catch up to Richland: and the answer is almost 35 years.

Answer 7

oops. you are right. My mistake. Sorry. Thanks for the answer. It worked.

Answer 8

u r welcome