Suppose that nominal GDP is $400 billion in 2005 in country A. In 2006, nominal GDP is $420 billion in country A. Between 2005 and 2006, the price level rose 1%, and population growth rate was 2%.

Calculate the growth rate of nominal GDP of country A between 2005 and 2006. Answer: The growth rate of nominal GDP = ______%

Calculate the economic growth rate of country A between 2005 and 2006. Answer: The annual economic growth rate = ______%

Using the rule of 70, how long does it take for real GDP per capita to double assuming that country A maintains the same economic growth rate? (Round your answer to the nearest whole integer.)

Answer: The real GDP per capita will double in __________ years