GDP per capita in the United States was approximately $63,000 in 2020. Use the growth formula (see below) to answer the following questions: Growth formula: (future value) = (present value) × (1 + r)t present value = this year's GDP per capita future value = GDP per capita in the future r = rate of growth (in decimal form) per year What will GDP per capita be in the year 2025 if it grows each year by 2.5 percent?
Growth formula: (
present value = this year's GDP per capita
future value = GDP per capita in the future
r = rate of growth (in decimal form) per year
What will GDP per capita be in the year 2025 if it grows each year by 2.5 percent?
In this case, GDP per capita is discussed here. GDP per capita is actually the division between Gross Domestic Product and total population. Now we come to the next part that growth of GDP per capita. Growth of GDP per capita is actually indicating the future growth of the economy. So it is important here.
The growth formula is--
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