BUSINESS HIGH SCHOOL

Suppose that real GDP per capita in the United States is $49,000. If the long-term growth rate of real GDP per capita is 1.6% per year, how many years will it take for real GDP per capita to reach $98,000? Instructions: Enter your answer as a whole number. years

Answers

Answer 1
Answer:

Answer:

n = 43.6673555

it will take 43.67 year to achice a real GDP of 98,000

Explanation:

we solve for time of a future lump-sum:

PV (1+r)^n = FV\n(1+r)^n = FV / PV\n

we use logarithmics properties:

(1+r)^n = FV/PV\nlog_(1+r)FV/PV = n\nn = (log FV/PV)/(log(1+r))

PV 49,000

FV 98,000

rate 1.6%

n = (log 98,000/49,000)/(log(1+0.016))

n = 43.6673555

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Answers

Answer:

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Final answer:

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Explanation:

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Answers

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Answer:

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