Neco 2019 Economics Question 4

Nigeria's Human Development Index (HDI) is the equally weighted average of three component indices: Life‑expectancy index (LEI), Education index (EI) and Income index (II). In 2019 the values are LEI = 0.55, EI = 0.48 and II = 0.52, giving an HDI of 0.5167. The government plans to raise HDI to at least 0.600 by the end of 2025 (six years later). Policy measures will increase LEI by 0.02 per year and EI by 0.015 per year. The Income index is assumed to rise each year by 0.05 g, where \(g\) is the constant annual real GDP growth rate (expressed as a decimal). Determine the minimum constant real GDP growth rate \(g\) (to two decimal places) required to meet the HDI target, and give the projected values of LEI, EI and II in 2025.