SOLUTION: The gross domestic product, or GDP, of the United States was about $10.99 trillion in 2003. Assume that the GDP grows 3.1% each year. Use an exponential model to find which percent

Question 397653: The gross domestic product, or GDP, of the United States was about $10.99 trillion in 2003. Assume that the GDP grows 3.1% each year. Use an exponential model to find which percent best describes the GDP growth that occurs over 18 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The gross domestic product, or GDP, of the United States was about $10.99 trillion in 2003.
Assume that the GDP grows 3.1% each year. Use an exponential model to find which percent best describes the GDP growth that occurs over 18 years?
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To find the percent growth: (1.031)^18 = 1.73
The percent growth is 73%
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Cheers,
Stan H.
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