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Calculate the actual average annual growth rates

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Question: U.S. growth: On page 50, we noted that the growth rate of per capita GDP in the United States between 1870 and 1929 was slightly lower than 2.0%, while the growth rate between 1950 and 2012 was slightly higher. Using the following table, calculate the actual average annual growth rates during these two periods.

Year               U.S. income

1870                 $2,840

1929                 $8,020

1950               $13,225

2012               $43,238

Reference no: EM131634257

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