SOLUTION: The Gross national product (GNP) is the value of all the goods and services produced in an economy, plus the value of goods and services imported, less the goods and services expor

Question 1040933: The Gross national product (GNP) is the value of all the goods and services produced in an economy, plus the value of goods and services imported, less the goods and services exported. During the period of 1994-2004, the GNP of Canada grew about 4.8% per year, measured in 2003 dollars. In 1994, the GNP was $5.9 billion. Assuming this rate continues, in what year with the GNP reach $10 trillion?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
During the period of 1994-2004, the GNP of Canada grew about 4.8% per year, measured in 2003 dollars. In 1994, the GNP was $5.9 billion. Assuming this rate continues, in what year with the GNP reach $10 trillion?
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A(x) = 5.9*1.048^x = 10
1.048^x = 1.6949
x*ln(1.048) = ln(1.6949)
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x = ln(1.6949)/ln(1.048) = 11.25 years
Note:: 11.25 is in the 12th year after 1994
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Ans: 1994 + 12 = 2006
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Cheers,
Stan H.
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