The Gross National Product (GNP) is the value of all the goods and services produced in an economy, plus the value of the goods and services imported, less the goods and services exported. During the period 1994-2004, the GNP of Canada grew about 4.8% per year, measured in 2003 dollars. In 1994, the GNP was $5.9 billion. Assuming this rate of growth continues, what will the GNP of Canada be (in billions) in the year 2012?

a.$15.64

b.$2.34

c.$5.41

d.$13.72

Question

Carley

15 September, 23:54

+3

Answers (1)

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Kelley · Answer 1

Y=a (1+r) ^x growth formula

y=a (1-r) ^x decay formula

a = amount

r = percentage rate

x = time in years