What is the growth rate of real output between 2007 and 2009

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Problem

Suppose nominal GDP was $13,302.3 billion in 2007 and was $13,790.2 billion in 2009. If the GDP deflator for 2009 (with a base year of 2007) was 103.034, what is the growth rate of real output between 2007 and 2009?

Reference no: EM133717392

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