Question

The annual Gross Domestic Product (GDP) of a country is the value of all of the goods and services produced in the country during a year. During the period 1985-1999, the Gross Domestic Product of the United States grew about 3.2% per year, measured in 1996 dollars. In 1985, the GDP was $577 billion.
In what year will the GDP reach $2 trillion? You just need to give the year, not part of a year

Answer 1

if the GDP is growing at 3.2% a year then
\[ \large GDP_{n+1}=GDP_n+3.2\%GDP_n=(1+3.2\%)GDP_n \]

Answer 2

omg

Answer 3

u are studing economics
this is simple arithmetic

Answer 4

say u have 100$ and your money grows at 3% every week
after a week how much do u have?

Answer 5

this is pre-cal it uses the y function formula

Answer 6

@brendas

Answer 7

@brendas are u gonna take part of this?

Answer 8

sorry im back

Answer 9

what does the n stand for

Answer 10

the year

Answer 11

ok hold on let me see if i can work it out

Answer 12

i cant work it

Answer 13

say u have 100$ and your money grows at 3% every week after a week how much do u have?

Answer 14

100 * 3= 300
300/100= 3
3+100=103

Answer 15

yes that is what the formula says
after one year u have what u had in the beginning plus the interests gained

Answer 16

so in general
\[ \large GDP_n=(1+3.2\%)^{n-1985}GDP_{1985} \]

Answer 17

u dont know n but u know that
\[ \large GDP_n=\$2\text{ trillion} \]

Answer 18

so the last one becomes an equation for n

Answer 19

right

Answer 20

??