Question

The GNP of a country has increased by 63% over the past five years and is now $124 billion. What was the GNP five years ago? Sales rise from 115,000 to 123,050 in a year. Find the annual percentage rise.

Answer 1

The GNP five years ago was approximately $76.0732 billion.

Step-by-step explanation:

To find the GNP five years ago, we can use the formula for exponential growth. Let's assume the GNP five years ago was X billion dollars. We know that it has increased by 63%, so we can write the equation as:

X + 0.63X = 124

Simplifying, we get 1.63X = 124. Solving for X, we divide both sides by 1.63: X = 124 / 1.63 = 76.0732.

Therefore, the GNP five years ago was approximately $76.0732 billion.