Consider two economies, one with an initial per capita income of $16,000 (about the income of Israel) growing at a rate of 1.8% per year, the other with an initial per capita income of $600 (about the...

Consider two economies, one with an initial per capita income of $16,000 (about the income of Israel) growing at a rate of 1.8% per year, the other with an initial per capita income of $600 (about the income of Guinea) growing twice as fast (that is, at a rate of 3.6% per year). Using the rule of 72 from the chapter on economic growth, calculate how long it will take for the lower-income country to achieve the per capita income enjoyed by the richer one. How long will it take to literally “catch up” to the richer nation, assuming that the growth rates continue unchanged in the future?