5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log formula.
5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log formula.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the
average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log
formula.
Expert Solution

Step 1
Given
GDP per capita in 2000
GDP per capita in 2020
time = 2020-2000= 20 years
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