Determine the number of years.

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Chapter 3, Problem 13E

(a)

To determine

Determine the number of years.

(b)

To determine

Determine the level of per capita income.

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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?

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