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QUESTION

Canada's real GDP was $840 billion in 1998 and $880 billion in 1999. Canada's population growth rate in 1999 was 0.8 percent.

Canada's real GDP was $840 billion in 1998 and $880 billion in 1999. Canada's population growth rate in 1999 was 0.8 percent. Calculate the approximate number of years it takes for real GDP per person in Canada to double if the 1999 economic growth rate and population growth rate are maintained. And the approximate number of years it takes for real GDP per person in Canada to double if the economic growth rate rises to 6 percent a year but the population growth rate remains the same as it was in 1999.

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