Question

Ray is interested in studying economic growth of his country. He pulled statistics for the GDP of his country, Country G, and found it's present GDP to be $345,521. What will Country G's GDP be in 3 years with an annual growth rate of 9%

Answer 1

The Country G's GDP be in 3 years with an annual growth rate of 9% will be $447,460.

What is GDP?

The full form of GDP is Gross Domestic Product which refers to the monetary value of the goods and services produced in the country for the given period of the time.

In above scenario, The GDP of the Country G is $345,521. Thus in order to calculate the Country G's GDP for the 3 years  with an annual growth rate of 9% following formula is to be used:-

Future GDP = GDP at starting date×(1+growth rate of GDP)years

                     =$345,521×(1+0.09)3

                     =$447,460

Thus GDP at the end of the 3 years will be $447,460.

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