Question

National Income (NI) is the sum of the incomes that all individuals in an economy earn in the forms of wages,

Answer 1

Answer:

\simeq 14.94  billion dollars

Step-by-step explanation:

During the period 1994 - 2004, the 'National Income' ,(NI) of Australia grew about 5.2% per year (measured in 2003 U. S, dollars).  In 1994 , the NI of Australia was $ 4 billion.

Now,

(2020 - 1994) = 26

Assuming this rate of growth continues, the NI of Australia in the year 2020 (in billion dollars) will be,

$4 \times[\frac{(100 + 5.2)}{100}}]^{26}$

=$4 \times[\frac{105.2}{100}]^{26}$

=\simeq 14.94  billion dollars (answer)