In 2010,per capita real gross domestic product (GDP) in Germany was $40,197.67.By 2011,it had increased to $43,741.55.At what rate did Germany's economy grow in that time?

Question

Quizplus · Accepted Answer

To calculate the growth rate of Germany's economy, we will use the following formula:

Growth rate = ((final value - initial value) / initial value) x 100%

Substituting the values, we get:

Growth rate = (($43,741.55 - $40,197.67) / $40,197.67) x 100%
Growth rate = $3,543.88 / $40,197.67 x 100%
Growth rate = 0.0882 x 100%
Growth rate = 8.82%

Therefore, Germany's economy grew at a rate of 8.82% from 2010 to 2011. The best choice is E.

In 2010,per Capita Real Gross Domestic Product (GDP) in Germany