Question

eal per capita GDP in Singapore in 1961 was about $450, but it doubled to about $900.00 by 1978. a. What was the average annual economic growth rate in Singapore over the 17.00 years from 1961 to 1978

Answer 1

The answer is 4.16%

Step-by-step explanation:

Per capita GDP is the average income earned per person in a given country during a given period of time usually a year.

Per capita GDP in Singapore in 1961 equals $450

Per capita GDP in Singapore in 1978 equals $900

Difference between 1978 and 1961 is 17 years.

The formula for economic growth rate is;

[(End value/beginning value)^1)/17] - 1

[($900/$450)^1/17] - 1

1.041613 - 1

0.0416

Expressed as a percentage:

4.16%