Two economies, Hare and Tortoise, each start with a real GDP per person of $5000 in 1950.

Question:

Two economies, Hare and Tortoise, each start with a real GDP per person of $5000 in 1950. Real GDP per person grows 3% a year in Hare and 1% a year in Tortoise. In the year 2000, what will be real GDP per person in each economy? Make a guess first; then use a calculator to get the answer.