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Problem. The U.S. Gross Domestic Product (GDP) is the output of goods and service produced by labor and property located in the United States. The

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Problem. The U.S. Gross Domestic Product (GDP) is the output of goods and service produced by labor and property located in the United States. The following table gives the GDP (in billions of current dollars) for selected years. (Source: U.S. Department of Commerce.) (4x25pts) a) Plot the data (by hand, roughly), letting t = 0 correspond to 1930. Year GDP Does the GDP appear to grow linearly or exponentially? 1930 92 b) Find an exponential function in the form of f(t) = foat that fits the data at 1930 and 2010, where t is the number of 1940 103 years since 1930 and f (t) is the GDP. 1950 300 c) Approximate the average annual percentage increase in 1960 543 GDP during this time period. 1970 1076 d) Graph f(t) (by hand, roughly), and estimate the first year when the GDP 1980 2863 will be double what is was in 2010. 1990 5980 2000 10,285 2010 14,965

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