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19.4Assume that the production function for a country is given by Y= K and annual investment is given by the function I=ny where 7=0.3, and
19.4Assume that the production function for a country is given by Y= K and annual investment is given by the function I=ny where 7=0.3, and that the yearly depreciation rate is 5%. Suppose that this year, the output in the country is l, and a neighbor country's output is 15. Calculate the time it would take for the country's output to catch up with its neighbor's output. Assume the neighbor country's economy is neither growing nor shrinking. Approximate your answer to the closest integer. Show every step of your calculation
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