Question #3: Solow Model with Technological Progress [18 Points] Suppose than the economy of Montserrat has a per effective worker production function is given by y = 3040.6. Additionally the following variables are known: Savings rate (8) = 0.16 Depreciation rate (6) = 0.06 Population growth rate (n) = 0.04 Rate of technological growth (g) = 0.03 (a) Based on the given information above calculate the following steady-state variables: Round your answers to two decimal places. (i) capital per effective worker ( # ) [3 Points] (ii) output per effective worker () ) [1 Point] (iii) consumption per effective worker (8)[1 Point] (iv) investment per effective worker (D) [1 Point] (b) Based on the given information above find the following growth rates at steady-state: (i) growth rate of output per effective worker (%A j ) [1 Point] (ii) growth rate of output per worker (%%Ay) [2 Points] (iii) growth rate of total output (%AY) [2 Points] (c) Calculate the Golden-Rule level of capital per effective worker for this economy. Round your answer to two decimal places, [3 Points] (d) What is the level of consumption per effective worker at the Golden-Rule level of capital per effective worker? [Hint: The savings rate necessary to reach the Golden Rule level will be different than the initial savings rate of 0.16] Round your answers to two decimal places. [4 Points]