In 1990, the GDP of Canada was $550 billion as measured in Canadian dollars, and the...
In 1990, the GDP of Canada was $550 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 88 U.S. cents. In 2000, the GDP of Canada was $1070 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 72 U.S. cents. By what percentage did the GDP of Canada increase from 1990 to 2000 in U.S. dollars?
Homework Answers
Ans: By 59.17 % the GDP of Canada increased from 1990 to 2000 in U.S. dollars
Explanation:
In 1990, the GDP of Canada was $550 billion.
The exchange rate , $1 Canadian = 88 U.S. cents.
So the value of $550 billion Canadian dollars in terms of U.S dollars = $550 * 0.88 = $484
In 2000, the GDP of Canada was $1070 billion.
The exchange rate , $1 Canadian = 72 U.S. cents.
So the value of $1070 billion Canadian dollars in terms of U.S dollars = $1070 * 0.72 = $770.40
The GDP of Canada increased from 1990 to 2000 in U.S. dollars = ( $770.40 - $484 ) / $484 = 59.17 %
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