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A country's GDP grew from $1 trillion to $1.1 trillion in a year. What is the gr
A country's GDP grew from $1 trillion to $1.1 trillion in a year. What is the growth rate? (2023)
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A country's GDP grew from $1 trillion to $1.1 trillion in a year. What is the growth rate? (2023)
10%
5%
15%
20%
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Growth Rate = ((New GDP - Old GDP) / Old GDP) * 100 = ((1.1 - 1) / 1) * 100 = 10%.
Questions & Step-by-step Solutions
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Q: A country's GDP grew from $1 trillion to $1.1 trillion in a year. What is the growth rate? (2023)
Solution:
Growth Rate = ((New GDP - Old GDP) / Old GDP) * 100 = ((1.1 - 1) / 1) * 100 = 10%.
Steps: 6
Show Steps
Step 1: Identify the old GDP, which is $1 trillion.
Step 2: Identify the new GDP, which is $1.1 trillion.
Step 3: Subtract the old GDP from the new GDP: 1.1 - 1 = 0.1 trillion.
Step 4: Divide the result from Step 3 by the old GDP: 0.1 / 1 = 0.1.
Step 5: Multiply the result from Step 4 by 100 to get the percentage: 0.1 * 100 = 10%.
Step 6: The growth rate is 10%.
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