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suppose that the gdp of oregon today is exactly twice what it was 22 years ago. what was the average annual growth for oregon over this time period?

Sagot :

ayune

Suppose that the gdp of Oregon today is twice that of 22 years ago. The average annual growth of the gdp is 3.2%

The problem can be solved using growth model:

P = Po (1 + r)ⁿ

Where:

P = quantity after n periods

n = number of periods

r = growth rate

Po = initial quantity

In this problem, the quantity if the gdp.

n = 22 years

P = 2Po

Hence,

2Po = Po (1 + r)²²

(1 + r)²² = 2

1 + r = 2^(1/22) = 1.032

r = 1.032 - 1 = 0.032 = 3.2%

Hence, the average annual growth of the gdp is 3.2%

Learn more about growth model here

https://brainly.com/question/5053605

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