Calculate the approximate number of years it will take for real GDP per person to double if an economy maintains an economic growth rate of 12 percent a year and a population growth rate of 10 percent a year. It will take how many years for real GDP per person to double?

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GDP per person is total GDP divided by a population size. Let's denote the initial GDP as `A` and the initial population size as `B.` Then the initial GDP per person is `A/B.`

 

After a year, GDP will grow by 12 percent and becomes `A*1.12.` A population will grow by...

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