I need help with this question.

label Mathematics
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t=year                               2004              2008               2010

G=GDP                             11.87            14.37              14.66

(trillions of dollars)

(c) What is the average yearly rate of change in G from 2008 to 2010? (Round your answer to two decimal places.)     $_______________ trillion

(d) Use your answer from part (c) to predict the gross domestic product in the year 2011. (Round your answer to two decimal places.)  $_________________trillion 

Sep 3rd, 2015

Thank you for the opportunity to help you with your question!

c. The average rate of change from 2008 to 2011 = (2011 GDP - 2008GDP) 2011GDP all of this are then divided by the number of years. But since we are interested in one year, we leave it as it is. Then;

Rate = (14.66 - 14.37) / 14.37 = 0.02

as a percentage it is = 2%

d. for 2011 we multiply the 2010 GDP with the rate to get the increase and add the increased value to the current (2010) value.

14.66 + 14.66(0.02) = 14.9532


Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 3rd, 2015

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Sep 3rd, 2015
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