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In the CIA World Factbook, GDP per capita in the United States in 2010 was approximately $47,400. The formula for growth for any given year,
In the CIA World Factbook, GDP per capita in the United States in 2010 was approximately $47,400. The formula for growth for any given year, ?? , is ??=?0(1 ??)? , where ?0 is the value of GDP in the beginning year, ?? is the value of GDP for the specific year in question, ?? is the growth rate, and t is the number of years after ?0 . Suppose ?0 is GDP per capita in 2010 and the economy continues to grow at approximately 3% as it did in 2010. a. What is 1+gy under circumstances ? b. what is (i+gy) when t is 10 years
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