South Africa’s real GDP was 1,900 billion rand in 2011 and 1,970 billion rand in 2012. South Africa’s population was 50.5 million in 2011 and 51.0 million in 2012. Calculate:
a. The growth rate of real GDP.
b. The growth rate of real GDP per person.
c. The approximate number of years it will take for real GDP per person in South Africa to double if the current growth rate of real GDP is maintained.