Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year and that real GDP per capita of China is $4,000, and its annual growth rate is 7%. According to the rule of 70, how large will China's real GDP per capita be in 20 years?
A) $5,600
B) $8,000
C) $16,000
D) $28,000
Correct Answer:
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