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Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0%. If, instead, real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the United States in 1998 would have been approximately ______ larger.

Respuesta :

Answer:

real GDP per capita in the United States in 1998 is large by $6751

Explanation:

given data

Real GDP per person = $9,864

compound annual rate = 2.0%

average compound annual rate =  2.5%

time = 48 year

solution

real GDP per capita with rate 2% is

real GDP per capita = 9864 × [tex](1+0.02)^{48}[/tex]   ...............1

and

real GDP per capita  when rate = 2.5%

real GDP per capita = 9864 × [tex](1+0.025)^{48}[/tex]   ...................2

so

Difference between these two equation will be

Difference of real GDP per capita = 9864 × [tex](1+0.025)^{48}[/tex] - 9864 × [tex](1+0.02)^{48}[/tex]  

Difference of real GDP per capita =  $6751

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