Question: U.S. growth: On page 50, we noted that the growth rate of per capita GDP in the United States between 1870 and 1929 was slightly lower than 2.0%, while the growth rate between 1950 and 2012 was slightly higher. Using the following table, calculate the actual average annual growth rates during these two periods.
Year U.S. income
1870 $2,840
1929 $8,020
1950 $13,225
2012 $43,238