Calculate the average annual economic growth rate


Problem

Use the table to answer the following questions (note: the second column is measuring real GDP, and the figure at the top of that column is 1075)

Year

billions of dollars in constant prices

2012

1075

2013

1120

2014

1160

2015

1175

2016

1200

a. Calculate the economic growth rate for each year from 2012 to 2016.

b. Calculate the average annual economic growth rate for the period 2012 to 2016.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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