The Solow model referred to below is "version 1" as presented in Chapter 3. That isI in what follows: [i] assume zero growth in total factor productivity A and labor L and {ii} unless directed otherwise. without loss of generality normalize A = 1. 1. Let a country he described by the Solow model, with the ll'_tol:rl:I-IIIIouglas production function of the following form: J = $132. Suppose that k cunently equals 25. The fraction of output invested is 12%. The depreciation rate is 3%. Is the country in its steady state or in the process of transitioning to it? Show how you reached your conclusion