If the federal government was paying the average

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Chapter 11 / Exercise 55
Mathematical Excursions
Aufmann
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If the federal government was paying the average Social Security recipient in Canadia$500/month in 2010, how much would the government have to pay Social Securityrecipients in 2012 so that they can afford the same lifestyle as in 2010?10.The table below lists the real GDP/capita (in 2005$) for Australia, Cameroon, and Mexico from1960-2000. Use this information to calculate the following:AustraliaCameroonMexico1960$12,003$1,900$4,4211970$16,646$1,874$6,1691980$20,014$2,798$9,2631990$23,130$2,710$8,5512000$30,124$2,446$10,360A)Calculate the growth rates in real GDP/capita from 1960-1970, 1970-1980, 1980-1990, and1990-2000 for each country.B)For each country and decade, use the rule of 70 to figure out how long it would take for realGDP/capita to double at that growth rate.C)Assume the growth rates between 1990 and 2000 were to persist into the future. In what yearwould real GDP/capita be twice the level it was in 2000 for each country?
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Mathematical Excursions
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Chapter 11 / Exercise 55
Mathematical Excursions
Aufmann
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