Question

If real GDP per person were equal to $2,620 in 1900 and grew at a 3 percent annual rate, what would be the value of real GDP per person 110 years later

Answer 1

If real GDP was 2630 and grew annually at 3%, The value of real GDP ten years later is going to be $67670

How to solve for real GDP

We have to start by starting the formula A = P(1+r)^n

We have P = principal = 2620

We have r as the rate of interest = 3% = 0.03

We have the number of years n = 110

We have to put these values in the formula we have

A= 2620(1+0.03)^110

= 67669.9

This is approximated to be

= 67670

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