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If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, wha
If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, what will be the GDP after one year?
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Q1
If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, what will be the GDP after one year?
$2.1 trillion
$2.05 trillion
$2.2 trillion
$2.15 trillion
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GDP after one year = Current GDP * (1 + growth rate) = $2 trillion * 1.05 = $2.1 trillion.
Questions & Step-by-step Solutions
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Q
Q: If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, what will be the GDP after one year?
Solution:
GDP after one year = Current GDP * (1 + growth rate) = $2 trillion * 1.05 = $2.1 trillion.
Steps: 6
Show Steps
Step 1: Identify the current GDP, which is $2 trillion.
Step 2: Identify the growth rate, which is 5%.
Step 3: Convert the growth rate from a percentage to a decimal. 5% as a decimal is 0.05.
Step 4: Add 1 to the growth rate in decimal form. So, 1 + 0.05 = 1.05.
Step 5: Multiply the current GDP by the result from Step 4. So, $2 trillion * 1.05.
Step 6: Calculate the result. $2 trillion * 1.05 = $2.1 trillion.
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