Suppose nominal GDP was $12,623.0 billion in 2005 and was $13,377.2 billion in 2006. If the GDP deflator for 2006 (with a base year of 2005) was 103.237, what is the growth rate of real output between 2005 and 2006? Show your calculations.

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The Answer of Suppose nominal GDP was $12,623.0 billion in 2005 and was $13,377.2 billion in 2006. If the GDP deflator for 2006 (with a base year of 2005) was 103.237, what is the growth rate of real output between 2005 and 2006? Show your calculations.

Suppose Nominal GDP Was $12,623