In 1950, the per capita gross domestic product (GDP) of Australia was approximately $1800. Each year afterwards, the per capita GDP increased by approximately 6.7%. Write a function that gives the approximate per capita GDP of Australia t years after 1950.

Question

Mathematics

Breanna Harrison

24 May, 15:30

In 1950, the per capita gross domestic product (GDP) of Australia was approximately $1800. Each year afterwards, the per capita GDP increased by approximately 6.7%. Write a function that gives the approximate per capita GDP of Australia t years after 1950.

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Carleigh Caldwell · Answer 1

The function would be: G (t) = 1800 (1.067) ^t

This is an exponential equation. There are in the form: y = ab^x

The a value represents the starting amount of 1800.

The b value represents the increasing rate of 1.067 (adding on 6.7%).