In 2007,per capita real gross domestic product (GDP)in Brazil was $9,893.92.By 2008,it had increased to $10,525.58.At what rate did Brazil's economy grow in that time?

Question

Quizplus · Accepted Answer

To calculate the growth rate of Brazil's economy, we need to use the following formula:

Growth rate = (Final value - Initial value) / Initial value x 100%

Plugging in the given values, we get:

Growth rate = ($10,525.58 - $9,893.92) / $9,893.92 x 100%
Growth rate = $631.66 / $9,893.92 x 100%
Growth rate = 0.0638 x 100%
Growth rate = 6.38%

Therefore, Brazil's economy grew at a rate of 6.4% (approximately) in that time. The closest answer option is C (6.4%), which is the correct answer.

In 2007,per Capita Real Gross Domestic Product (GDP)in Brazil Was