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4. If the nominal GDP is $559 billion in the base year, and it rises to 660 in year 1 and 754 in year 2,
4.If the nominal GDP is $559 billion in the base year, and it rises to 660 in year 1 and 754 in year 2, calculate the real GDP in each year, given that the price index has risen from 100 to 113.5 in year 1 and up to 120.3 in year 2. If the price index 10 years before the base year was 72.4, and the nominal GDP for 10 years before the base year was 212.6, calculate the real GDP for that year. Show your work in all cases.
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