3. South Korea's growth miracle (15 points). Korea's GDP per capita was $944 in 1960 and $15,105 in 2000 (in constant 20

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3 South Korea S Growth Miracle 15 Points Korea S Gdp Per Capita Was 944 In 1960 And 15 105 In 2000 In Constant 20 1 (115.65 KiB) Viewed 13 times

3. South Korea's growth miracle (15 points). Korea's GDP per capita was $944 in 1960 and $15,105 in 2000 (in constant 2010 US $). a. What was the average annual growth rate of GDP per capita? b. How many years did it take South Korea to double its GDP per capita? c. An alternative - but incorrect - way to do part a is to take the percentage change divided by the number of years. For example, 1 Ут - Уо X T Yo Compute the growth rate above with this formula. They should be substantially different. What is the explanation for this difference?