This year,real GDP per person in Country A is eight times that of real GDP per person in Country B.If Country B's real GDP per person grows at a rate of 5 per cent,about how many years will it take for Country B to reach the level of real GDP per person in Country A in this year?

Question

Quizplus · Accepted Answer

According to the question, Country A's real GDP per person is 8 times the real GDP per person of Country B.
Let's assume the real GDP per person of Country B is x.
Then the real GDP per person of Country A will be 8x.

Let's assume after t years, country B's real GDP per person will reach 8x.
So, after t years, the real GDP per person of Country B will be x(1+5/100)^t.
We can equate this to 8x and solve for t.

x(1+5/100)^t = 8x
(1+5/100)^t = 8
t*log(1+5/100) = log(8)
t = log(8) / log(1+5/100)
t ≈ 42

Therefore, it will take approximately 42 years for Country B to reach the level of real GDP per person in Country A in this year.

This Year,real GDP Per Person in Country a Is Eight