Question

Annual real per capita gross domestic product (GDP) in the United States was roughly $44,000 in 2010. If it grew by 3 percent the following year, by 2011 the annual real per capita GDP would be?

Answer 1

Answer:

$45,320

Explanation:

Given that

Per capita the real GDP in 2010 = $44,000

Real per capita the GDP increases by 3% in 2011

The computation of annual real per capita GDP is shown below:-

Real per capita GDP increases by 3% = 0.03  

So,

In 2011 the annual real  per capita GDP is

= 44,000 + ($44,000 × 0.03)

= $44,000 + 1,320

= $45,320