Answer:
The GDP after 15 years=202
Step-by-step explanation:
The GDP also known as the Gross Domestic Product is the quantity of goods and services produced in a country during a certain period in time usually expressed in monetary terms. GDP usually illustrates how much the country's economy is growing and expanding.
To determine the GDP after 15 years, we can have the expression below;
F=P(1+r/n)^nt
where;
F=future GDP
P=initial GDP
r=growth rate per year
n=number of times the growth rate is applied per year
t=number of years
In our case;
F=unknown, to be determined
P=150
r=2%=2/100=0.02
n=1
t=15 years
Substituting;
F=150(1+0.02)^(15×1)
F=150(1.02)^15
F=201.88=202
The GDP after 15 years=202