I have a question which I could work out the answer to easily however I am not sure which of two figures I should use. Would be grateful if someone could advise me on the correct one!
Gross Domestic Product (GDP) is currently at 100 units growing at 3.5%
In 8.5 years what is the value of GDP
Now obviously I know the formula is
However I am unsure on whether it should be as of whole years so therefore using t as 8 or using t as 8.5?
use 8.5. The formula works for any real value of t (including negatives if you ever come to that)