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If per capita GDP in 2018 was $900, in 2019 was $1,000, and in 2020 was $1,200, the growth rate of per capita GDP between 2018 and 2020 wasQuestion 10Answer

Question

If per capita GDP in 2018 was 900,in2019was900, in 2019 was 1,000, and in 2020 was $1,200, the growth rate of per capita GDP between 2018 and 2020 wasQuestion 10Answer

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Solution

To calculate the growth rate of per capita GDP between 2018 and 2020, follow these steps:

  1. Subtract the initial value (2018's per capita GDP) from the final value (2020's per capita GDP). This gives you the change in GDP. In this case, 1,200−1,200 - 900 = $300.

  2. Divide the change in GDP by the initial value. This gives you the proportional change in GDP. In this case, 300/300 / 900 = 0.3333.

  3. Multiply the proportional change by 100 to convert it to a percentage. This gives you the growth rate. In this case, 0.3333 * 100 = 33.33%.

So, the growth rate of per capita GDP between 2018 and 2020 was 33.33%.

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