GDP: 12,000 euros
Annual rate: 3%
Year 1: 12,000 * 0.03 = 360
Year 2: 12,360 * 0.03 = 370.8
Year 3: 12,730.80 * 0.03 = 381.92
Year 4: 13,112.72 * 0.03 = 393.38
Year 5: 13,506.10 * 0.03 = 405.18
Year 6: 13,911.28 * 0.03 = 417.34
Year 7: 14,328.62 * 0.03 = 429.86
Year 8: 14,758.48 * 0.03 = 442.75
Year 9: 15,201.23 * 0.03 = 456.04
Year 10: 15,657.27 * 0.03 = 469.72
1. After 10 years, the GDP per capita growing at an annual rate of 3% will be 16.126.99 Euros
For calculating the future GDP for 30 years at an annual rate of 3%, we will use the following formula:
Future GDP= Current GDP * (1 + Annual rate) ^ Time in years or periods
Future GDP = 12,000 * (1 + 0.03) ^ 30
Future GDP = 12,000 * (1.03) ^ 30
Future GDP = 29,127.15
2. After 30 years, the GDP per capita growing at an annual rate of 3% will be 29,127.15
For calculating the future GDP for 30 years at an annual rate of 6%, we will use the following formula:
Future GDP= Current GDP * (1 + Annual rate) ^ Time in years or periods
Future GDP = 12,000 * (1 + 0.06) ^ 30
Future GDP = 12,000 * (1.06) ^ 30
Future GDP = 68,921.89
3. After 30 years, the GDP per capita growing at an annual rate of 6%, will be 68,921.89 Euros.