Create a large change in economic prosperity

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Reference no: EM131007987

A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time due to a phenomenon known as (Click to select) inflation expansion interest compounding.

Instructions: Round your answer to the nearest whole number.

Using the rule of 70, if a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent, the average income during this person's lifetime would increase by approximately times.

Reference no: EM131007987

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