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

Question

Business

Evie Austin

16 October, 01:19

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

+4

Answers (1)

Know the Answer?

Judith Rivas · Answer 1

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.