On Nov 23, 2007 Canada's Toronto Star newspaper reported ("China boom fuels fear of price spiral") that:
China's economy has grown at a 9.7 per cent annual average rate for the past 25 years.
How much larger is China's economy today than is was 25 years ago? (for the purpose of all the questions on this Homework, assume "Today" and "Nov 2007" are the same)
Without needing a calculator, given an answer that is a formula (for example "101 · 102" is a formula one can write down without a calculator to actually multiply these two numbers).
Part A: Give a Formula-type Answer answer:
China's economy today is ____________________ times larger than it was 25 years ago (for the purpose of this math problem we won't worry about the tricky question of how "economy" is defined, the definition of GDP, etc)
China's economy today is ____________________ times larger than it was 25 years ago (for the purpose of this math problem we won't worry about the tricky question of how "economy" is defined, the definition of GDP, etc)
Now let's extrapolate further into the future. Give both formula and numerical answers to the next two parts.
Part C: How much larger than China's economy today China's economy be in 25 years if this trend continued?
Part D: How much larger than China's economy today China's
economy be in 50 years if this trend continued?