If U.S.per capita GDP is $50,000 and grows at 3% per year,what will U.S.per capita GDP be in 70 years?

Question

Quizplus · Accepted Answer

Using the formula for exponential growth: 
GDP = GDP initial*(1+growth rate)^time 
GDP = $50,000*(1+0.03)^70 
GDP = $50,000*(2.692) 
GDP = $134,581 (rounded to nearest thousand)
Therefore, the U.S. per capita GDP in 70 years would be approximately $135,000. 
The closest answer choice to this amount is C, $400,000. The other answer choices are too high.

If USPer Capita GDP Is $50,000 and Grows at 3% Per