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Number of years for gdp to increase from a present

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Reference no: EM132164038

Assume an eocnomy's GDP is 400 billion Dollars.

If this economy's GDP is growing at a constant rate of 6% per year, when would thsi economys GDP will surpass 500 billion Dollars?

Hint: Use the future value formula provided on page 457 of the text.

Here you are interested in finding n, the number of years for GDP to increase from a present value of 400 billion Dollars to a future value of 500 billion Dollars.

Reference no: EM132164038

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