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In China, suppose GDP per capita grows by 6.0% per year for 27 years . By how many times does this economy grow

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Answer: 4.82 times

Explanation:

GDP grows by 6.0% for 27 years. To find out how many times it will grow by, use the following:

= (1 + growth rate) ^ no. of periods

= (1 + 6%)²⁷

= 4.8223

= 4.82 times

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