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Answer:
The function of capita GDP is given by
where G(t) is in dollar and t is years after 1950.
Step-by-step explanation:
Given that,
in 1950, the per capita GDP of Australia was $1800.
The capita GDP is increased by 6.7 % per year.
In 1951, the capita GDP was increased =6.7% of $1800
The capita GDP was= $1800+ 6.7% of $1800
=$1800(1+6.7%)
In 1952, the capita GDP was increased =$1800(1+6.7%)
The capita GDP was=$1800(1+6.7%)+ 6.7% of$1800(1+6.7%)
=$1800(1+6.7%)(1+6.7)
= $1800(1+6.7%)²
=$1800(1+0.067)²
In 1952, the capita GDP was increased =$1800(1+6.7%)²
The capita GDP was=$1800(1+6.7%)²+ 6.7% of$1800(1+6.7%)²
=$1800(1+6.7%)²(1+6.7)
= $1800(1+6.7%)³
=$1800(1+0.067)³
and so on.
The function of capita GDP is given by
where G(t) is in dollar and t is years after 1950.