Question
As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP3 (with it being almost $25T dollars for China vs.
As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP3 (with it being almost $25T dollars for China vs. $20T dollars for the US in 2018). However, in terms of GDP "Per Capita" @ PPP (i.e. GDPPC@PPP), the US economy is still running way ahead of China's economy (with it being almost $62.6k dollars for the US vs. $18.1k dollars for China's economy in 2018). According to the IMF forecasts, we can expect that the US GDPPC@PPP will grow annually at the rate of 2% on average and that of China will grow annually at the rate of 6% on average in the next three decades. Please use the discrete formula of growth to find out how many years it will take for China's economy to overtake the US economy in terms of G..C@PPP.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started