What will be Singapore's approximate real GDP after five years if its average annual growth rate is 9.8 percent and the economy initially produces at real GDP of S$80, 500 million?

Question

Quizplus · Accepted Answer

The correct answer is E.The formula for calculating real GDP after n years is:Real GDP after n years = Real GDP * (1 + growth rate)^nPlugging in the values given in the question, we get:Real GDP after 5 years = S$80,500 million * (1 + 0.098)^5= S$80,500 million * 1.5938= S$128,472 million

What Will Be Singapore's Approximate Real GDP After Five Years