The Gross National Product (GNP) is the value of all goods and services produced in an economy, plus the value of the goods and services imported less the goods and services exported. During the period 1994-2004, the GNP of Canada grew about 4.8% per year measured in 2003 dollars. In 1994 the GNP was $5.9 billion

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The Gross national product (GNP) is the value of all the goods and services produced in an economy, plus the value of goods and services imported, less the goods and services exported. During the period of 1994-2004, the GNP of Canada grew about 4.8% per year, measured in 2003 dollars. In 1994, the GNP was $5.9 billion. Assuming this rate continues, in what year with the GNP reach $10 billion?

Answer:

2006

Step-by-step explanation:

Every year, the new GNP will become (100 + 4.8) % of that of the previous year. That is 104.8%, and equivalent of 1.048.

Let P (y) be the GNP after a period of y years.

After y years, the equation for calculating A (y) becomes

A (y) = 5.9 * (1.048) ^y

Since A (y) = 10

10=5.9 * (1.048) ^y

10/5.9 = (1.048) ^y

1.695 = (1.048) ^y

ln⁡ (1.695) = ln⁡ (1.048) ^y

ln⁡ (1.695) = y ln⁡1.048

y=ln⁡1.695/ln⁡1.048

y=11.26 years

1994 + 12 = 2006

Canada's GNP will reach $10 billion in the year 2006