Question

The president of the World Bank has asked you to calculate the average per capita GDP growth rate of Rwanda from 1980 to 2010. In 1980, per capita GDP was about $728 and in 2010 was

Answer 1

Answer:

The answer is 1.15%

Explanation:

The difference between the year of 2010 and 1980 is 30 years.

Per capita GDP for 2020 is $1,025

Per capita GDP for 1989 is $728

Formula for growth rate is:

[(Per capita GDP for 2020/Per capita GDP for 1989)^1/30] - 1

[($1,025 ÷ $728)^1/30] - 1

(1.4080^1/30) - 1

0.0115

Expressed as percentage

1.15%