Neco 2023 Economics Question 14

Using the UNDP Human Development Index (HDI) method, the following data are given: - Country A: life expectancy 68 years (minimum 20, maximum 85), mean years of schooling 6 (maximum 15, minimum 0), GNI per capita \(\text{US}\$4{,}800\). - Country B: life expectancy 72 years (minimum 20, maximum 85), mean years of schooling 8 (maximum 15, minimum 0), GNI per capita \(\text{US}\$6{,}200\). The HDI is calculated as the cube‑root of the product of the three dimension indices: \[\text{HDI}=\bigl(I_{life}\times I_{education}\times I_{income}\bigr)^{1/3}\] where \[I_{life}=\frac{LE-20}{85-20},\qquad I_{education}=\frac{MYS}{15},\qquad I_{income}=\frac{\ln(GNI)-\ln(100)}{\ln(75{,}000)-\ln(100)}.\] Additionally, Country B's GNI per capita was \(\text{US}\$5{,}800\) in year 1 and \(\text{US}\$6{,}200\) in year 5. Answer the following: 1. Which country has the higher HDI? (state the country name only) 2. What is the average annual growth rate of Country B's per‑capita GNI over the five‑year period, expressed to one decimal place in percent? Provide your answer as "Country X; Y%".