the gdp in canada is $1.65 trillion. the rate of inflation is 2.5%. if the population of canada is…

the gdp in canada is $1.65 trillion. the rate of inflation is 2.5%. if the population of canada is 36,732,000, find the per capita gdp in this country. real gdp = gdp - (gdp · inflation rate) per capita gdp = real gdp / population per capita gdp = $? round to the nearest cent.

the gdp in canada is $1.65 trillion. the rate of inflation is 2.5%. if the population of canada is 36,732,000, find the per capita gdp in this country. real gdp = gdp - (gdp · inflation rate) per capita gdp = real gdp / population per capita gdp = $? round to the nearest cent.

Answer

Explanation:

Step1: Calculate real GDP

First, convert the inflation - rate to a decimal. The inflation rate is $2.5%=0.025$. The GDP is $1.65$ trillion or $1650000000000$. Real GDP = GDP-(GDP×Inflation Rate) Real GDP = $1650000000000-(1650000000000\times0.025)$ Real GDP = $1650000000000\times(1 - 0.025)$ Real GDP = $1650000000000\times0.975$ Real GDP = $1608750000000$

Step2: Calculate per - capita GDP

The population is $36732000$. Per Capita GDP=$\frac{\text{Real GDP}}{\text{Population}}$ Per Capita GDP=$\frac{1608750000000}{36732000}\approx43808.94$

Answer:

$43808.94$