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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?

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  1. 16 October, 02:05
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    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.
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