should be solved like this. i'm not sure how we gonna solve it without calculator.
\(0.5*[13.8*(1.05)^{10}]\) < 3.3 \((1+\frac{x}{100})^{10}\)
\([2.1]^{\frac{1}{10}}*1.05 < (1+\frac{x}{100})\)
\(1.07*1.05< 1+\frac{x}{100}\)
Archit3110 wrote:
Bunuel wrote:
The GDP of a country is $13.8 billion, and the total production of one of its industries is $3.3 billion. If the GDP were to grow by 5% per year in the future, which of the following would be the MINIMUM required annual growth in this industry that would it represent more than half of the GDP in ten years?
A. 10%
B. 15%
C. 20%
D. 25%
E. 30%
Are You Up For the Challenge: 700 Level Questionsgiving a try not sure though of the solution
total GDP is 13.8
and production = 3.3
annual growth of GDP = 13.8*1.05 ; 14.49 ~ 14.5
i.e for every increase in GDP the production rate has to increase by 14.5/3.3 = 4.39
i.e % change of ~33% but question has asked for MINIMUM required annual growth in this industry that would it represent more than half of the GDP in ten years
IMO E. 30% is what the industry will have to gain to match >= half of GDP rate