Refer to the table below that shows data for Panama. What was Panama's economic growth rate between 2003 and 2004?
$$\begin{array} { | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { GDP (constant U.S. } \
\text { dollars) }
\end{array} & \text { Population } \
\hline 2000 & \$ 16,647,538,295.86 & 3,030,328 \
\hline 2001 & \$ 16,743,140,578.59 & 3,089,648 \
\hline 2002 & \$ 17,116,370,199.13 & 3,149,188 \
\hline 2003 & \$ 17,836,198,453.76 & 3,209,048 \
\hline 2004 & \$ 19,177,851,509.38 & 3,269,356 \
\hline 2005 & \$ 20,556,984,394.79 & 3,330,217 \
\hline
\end{array}$$

Question

Refer to the table below that shows data for Panama. What was Panama's economic growth rate between 2003 and 2004?
$$\begin{array} { | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { GDP (constant U.S. } \
\text { dollars) }
\end{array} & \text { Population } \
\hline 2000 & \$ 16,647,538,295.86 & 3,030,328 \
\hline 2001 & \$ 16,743,140,578.59 & 3,089,648 \
\hline 2002 & \$ 17,116,370,199.13 & 3,149,188 \
\hline 2003 & \$ 17,836,198,453.76 & 3,209,048 \
\hline 2004 & \$ 19,177,851,509.38 & 3,269,356 \
\hline 2005 & \$ 20,556,984,394.79 & 3,330,217 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The economic growth rate is calculated by the formula $\frac{\text{GDP in final year} - \text{GDP in initial year}}{\text{GDP in initial year}} \times 100$. For Panama between 2003 and 2004, it is $\frac{19,177,851,509.38 - 17,836,198,453.76}{17,836,198,453.76} \times 100 = 7.52\%$. However, since 7.52% is not an option and there seems to be a misunderstanding in the calculation or the options provided, the closest correct approach to calculate the growth rate would involve accurately using the given GDP figures, which seems to have been misinterpreted in the selection of the provided options. Given the options, the correct calculation method would yield a result that matches one of the provided choices under normal circumstances.

Refer to the Table Below That Shows Data for Panama