PleaseEXPLAINand solveEACH/ALLpart(s) inQuestion #1!

Please doNOTROUND!

DOUBLECHECKYOURWORKANDANSWER(S).

I AMNEWTO MACRO-ECONOMICS! I AM A COMPLETENEWBIE!

Question 1 1 pts Country Alpha grows at 3% per year. For the sake of simplicity, assume it starts out with ctional income level of $40,000. What will the income of Country Alpha be in 25 years? Hint: use the formula from 7.2 in The Power of Sustained Economic Growth section. See Video 1 for an example. :7: $86,473 0 $83,751 0 $41,200 C $1,030,000