Suppose That Real GDP Per Capita of Monrovia Is $30,000

Multiple Choice

Suppose that real GDP per capita of Monrovia is $30,000. RGDP per capita in Westova is $15,000. Suppose that rate of growth of real GDP per capita in Monrovia is 3.17% per year and in Westova it is 6.34% per year. Using the rule of 72, calculate how many years it will take for RGDP per capita in Westova to catch up with RGDP per capita in Monrovia.

A) approximately 11 years
B) approximately 23 years
C) approximately 34 years
D) approximately 46 years