a countrys gdp is $174,000,000 with a population of 19,360. if the rate of inflation is 2.1%, what is the…

a countrys gdp is $174,000,000 with a population of 19,360. if the rate of inflation is 2.1%, what is the countrys per capita gdp? per capita gdp = $? real gdp = gdp - (gdp · inflation rate) per capita gdp = (real gdp)/(population) round to the nearest cent.

a countrys gdp is $174,000,000 with a population of 19,360. if the rate of inflation is 2.1%, what is the countrys per capita gdp? per capita gdp = $? real gdp = gdp - (gdp · inflation rate) per capita gdp = (real gdp)/(population) round to the nearest cent.

Answer

Explanation:

Step1: Calculate Real GDP

First, we need to find the Real GDP using the formula ( \text{Real GDP} = \text{GDP} - (\text{GDP} \cdot \text{Inflation Rate}) ). The GDP is $174,000,000 and the inflation rate is 2.1% or 0.021 in decimal form. So, ( \text{GDP} \cdot \text{Inflation Rate} = 174000000 \times 0.021 = 3654000 ). Then, ( \text{Real GDP} = 174000000 - 3654000 = 170346000 ).

Step2: Calculate Per Capita GDP

Now, we use the formula for Per Capita GDP: ( \text{Per Capita GDP} = \frac{\text{Real GDP}}{\text{Population}} ). The population is 19,360. So, ( \text{Per Capita GDP} = \frac{170346000}{19360} \approx 8800.41 ) (rounded to the nearest cent).

Answer:

$8800.41