Richland's Real GDP per person is #10b and poorland's Real GDP per person is #5b. However, Richland's Real GDP per person is growing at 1% per year and poorland's Real GDP per person is growing at 3% per year. Compare real GDP per person in the two countries after ten years and after twenty years. Approximately how many years will it take poorland to catch up with Richland?

Step-by-step explanation:

It is convenient to let a graphing calculator show the answers to these questions.

The exponential equation modelling the growth will be of the form ...

  f(x) = (initial value) × (1 +growth rate)^x

Richland's GDP/person can be modeled by r(x) = 10·1.01^x

Poorland's GCP/person can be modeled by p(x) = 5·1.03^x

The attached graph shows values for x=5, 10 and r(x)=p(x).

It will take about 35.3 years for Poorland to catch up.

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.