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3. Consider the AK model of endogenous growth that we have discussed in class. If the savings rate is 2%, the rate of depreciation is

3. Consider the AK model of endogenous growth that we have discussed in class. If the savings rate is 2%, the rate of depreciation is 3%, total factor productivity is 5, and the growth rate of productivity is 1%, what is the rate of economic growth? Show all of your work to receive credit. (1 point)

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