GDP per capita in the United States was approximately $55,000 in 2015. Use the growth formula...

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Answer 1

Answer #1

The formula for growth is F=P*(1+i)^n

If the growth rate is zero, then i=0,n is time which is 5 years and present GDP Per capita is 55000,so P=55000

So,

F=55000*(1+0)^5=55000

The GDP per capita growth will then be 55000 if the growth rate is zero. This is also obvious from the fact that growth rate is zero. That means the GDP will not grow but will be same in 2020 as it was in 2015.

If the growth rate is 2 percent

F=55000*(1+0.02)^5=60724.44

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Answer 2

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GDP per capita in the United States was approximately $55,000 in 2015. Use the growth formula...

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