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 2020?
The growth factor for one year is 1+4.8% = 1.048. Then in 26 years, the growth factor is modeled to be 1.048^26 ≈ 3.3837.
3.3837·$5.9 billion = $19.96 billion
__
Measured in 2003 dollars.
_____
<em>Comment on the problem statement</em>
We believe the problem statement has imports and exports reversed. Exports are produced in Canada, so are included in their GNP. Imports are deducted from the GNP.
$120 because the fencing of the patio would use up eight squares and each square in the picture is 3 meters so we would need 24 meters of fencing to cover up the entire patio. Since it cost $5 for one meter, 5*24 is $120.
First, I subtracted 72 from 200 and that gave me 128. Then, I divided 128 by 8 and got 16. To check my work I multiplied 16 by 8 and got 128. Then I added 72 to 128 and got 200.
