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3 years ago

If the world's population is growing by 1 percent a year.

Business

1 answer:

fiasKO [112]3 years ago

5 0

Answer:

Explanation:

a )

Standard of living is calculated as follows

Standard of living = Real GDP / Population

Growth in standard of living = growth in real GDP - growth in population

Now given growth in standard of living = 0

0 = growth in real GDP - growth in population

growth in real GDP = growth in population

growth in real GDP = 1%

Therefore, to keep living standards from falling, production have to increase by 1 %.

b )

If workforce increases by 1 % , that means population increases by 1 % and

productivity ( MPP ) increases by 1 % that means GDP increases by 1 %

Hence

Growth in standard of living = 1 % - 1 % = 0

The living standard will remain stagnant .

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Your grandparents deposit $2,000 each year on your birthday, starting the day you are born, in an account that pays 7% interest

OverLord2011 [107]

Answer:

The money you will have is $98020.

Explanation:

It is given that grandparents deposit $2,000 each year on birthday and the account pays 7% interest compounded annually also the time is 21 years.

we will use the compound interest formula $A=P (1 + \frac{r}{100})^{t}$ .

For the first birthday the amount after 21 yr will be:

$A=2000(1+\frac{7}{100})^{21}$

Similarly for the second birthday amount after 20yr will be:

$A=2000(1+\frac{7}{100})^{20}$

likewise, the last compound will be:

$A=2000(1+\frac{7}{100})^1$

The total value of such compounding would be :

$\text {Total amount}=2000(1+\frac{7}{100})^{21}+2000(1+\frac{7}{100})^{20}...2000(1+\frac{7}{100})^{1}$

$\text {Total amount}=2000[(1+\frac{7}{100})^{21}+(1+\frac{7}{100})^{20}...(1+\frac{7}{100})^{1}]$

$\text{Total amount} \approx 2000(48.01)$

$\text{Total amount} \approx 96020$

The total amount just after your grandparents make their deposit is:

≈($96020+2000)

≈$98020

Hence, the money you will have is $98020.

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Answer:

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Snezhnost [94]

Answer:

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