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Math Help - Growth Rates

  1. #1
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    Growth Rates

    Yo

    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

    Y=100e^0.035*t

    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?

    Any suggestions?
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  2. #2
    MHF Contributor
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    use 8.5. The formula works for any real value of t (including negatives if you ever come to that)
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