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
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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
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