Consider a 2-country framework. The countries are A and B.

Currently, Country A has four times the initial level of real GDP per person as that of Country B and it is growing at 1.2% a year. Country B is growing at 2.4% a year.

-Use Rule of 72 to find the number of years Country A will take for its real GDP per person to double.

-Use Rule of 72 to find the number of years Country B will take for its real GDP per person to double.

-Given your answers above explain in how many years Country A and Country B will end up having identical Real GDP per person (Catch Up Effect). Show your steps