Understanding the growth rate and how to measure it.
Data:
Year Real Per Capita GNP
1995 $28,747
1996 $29,520
1997 $30,519
1998 $31,478
1999 $32,238
2000 $33,748
2001 $32,375
2002 $32,713
a), Calculate the percentage growth rate in real GNP per capita in each of the years 1996 through 2002 from the previous year, using the definition of growth rate. During which year was growth in real per capita GNP the highest? When was it the lowest