Question

In Russia, suppose GDP per capita grows by 9.0 % per year for 31 years . By how many times does this economy grow?

Answer 1

Answer:

Russian Economy will grow by 14.46 times using 9% per year growth for 31 years.

Explanation:

Growth Rate = g = 9% = 0.09

Number of years = n = 31 years

Number of time economy grow = ( 1 + growth rate )^number of years

Number of time economy grow = ( 1 + g )^n

Number of time economy grow = ( 1 + 0.09 )^31

Number of time economy grow = 14.46 times

So, Russian Economy will grow by 14.46 times using 9% per year growth for 31 years.