the gross domestic product, g, of switzerland was 678.97 billion dollars in 2017. give a formula for g (in…

the gross domestic product, g, of switzerland was 678.97 billion dollars in 2017. give a formula for g (in billions of dollars) t years after 2017 if g increases by (a) 1.14% per year. g(t)= (b) 4 billion dollars per year. g(t)= 1www.worldometers.info/gdp/switzerland - gdp/, accessed march 3, 2020.

the gross domestic product, g, of switzerland was 678.97 billion dollars in 2017. give a formula for g (in billions of dollars) t years after 2017 if g increases by (a) 1.14% per year. g(t)= (b) 4 billion dollars per year. g(t)= 1www.worldometers.info/gdp/switzerland - gdp/, accessed march 3, 2020.

Answer

Explanation:

Step1: Recall compound - growth formula for part (a)

The general formula for compound growth is $G(t)=G_0(1 + r)^t$, where $G_0$ is the initial value, $r$ is the growth rate, and $t$ is the number of time - periods. Here, $G_0 = 678.97$ (initial GDP in 2017) and $r=0.0114$ (1.14% expressed as a decimal). So, $G(t)=678.97(1 + 0.0114)^t=678.97(1.0114)^t$.

Step2: Recall linear - growth formula for part (b)

The general formula for linear growth is $G(t)=G_0+mt$, where $G_0$ is the initial value, $m$ is the rate of change per time - period, and $t$ is the number of time - periods. Here, $G_0 = 678.97$ and $m = 4$. So, $G(t)=678.97+4t$.

Answer:

(a) $G(t)=678.97(1.0114)^t$ (b) $G(t)=678.97 + 4t$