Calculate the average annual growth rates of the following countries below: Country 1980 2014 United States...
Calculate the average annual growth rates of the following countries below:
| Country | 1980 | 2014 |
|---|---|---|
| United States | 29288 | 51958 |
| Japan | 19147 | 35574 |
| Mexico | 11954 | 15521 |
| Indonesia | 2249 | 9797 |
How long will it take the countries above to double their GDPs?
Homework Answers
We use the rule that future value = present value * (1 + rate of growth)^time
For example, average annual growth rate of Mexico is (15521/11954)^(1/(2014 - 1980)) - 1 = 0.77% per year
Doubling time = rule of 72
= 72/ growth rate
For Mexico, the doubling time for GDP = 72/0.77 = 94 years approximately.
The same for other countries is done below.
| Country | 1980 | 2014 | Rule (FV = PV(1 + r)^n) | Average annual growth | Doubling Time (years) |
| United States | 29288 | 51958 | (GDP 2014/GDP 1980)^(1/(2014-1980))-1 | 1.70 | 42.34 |
| Japan | 19147 | 35574 | (GDP 2014/GDP 1980)^(2014-1980)-1 | 1.84 | 39.16 |
| Mexico | 11954 | 15521 | (GDP 2014/GDP 1980)^(2014-1980)-1 | 0.77 | 93.39 |
| Indonesia | 2249 | 9797 | (GDP 2014/GDP 1980)^(2014-1980)-1 | 4.42 | 16.28 |
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