document.write( "Question 608786: The gross domestic product (GDP) of a country was $112 billion in 2001. If the GDP grows a constant rate of 4.3% per year. In what year will the GDP be greater than 200 billion. \n" ); document.write( "

Algebra.Com's Answer #383381 by lwsshak3(11628) $\"\"$ $\"About$

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The gross domestic product (GDP) of a country was $112 billion in 2001. If the GDP grows a constant rate of 4.3% per year. In what year will the GDP be greater than 200 billion.
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\n" ); document.write( "Formula for continuous growth rate: A=Pe^rt, P=initial amt, r=annual growth rate, A=amt after t years.
\n" ); document.write( "200=1122e^.043t
\n" ); document.write( "200/112=e^.043t
\n" ); document.write( "take log of both sides
\n" ); document.write( "ln(200/112)=.043t*lne
\n" ); document.write( "lne=1
\n" ); document.write( "t=ln(200/112)/.043≈13.5
\n" ); document.write( "GDP be greater than 200 billion in about 14 years
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