00:01
So my gdp, gross domestic product, is growing at a constant rate, r, and in 2000 my gdp was $125 billion.
00:23
And in 2009, the gdp was $155 billion.
00:33
And if this trend continues, then what will the gdp be in 2021? or what rate will it be growing? well, it's growing at a constant rate, so i can write my gdp as a function of t, where t is the number of years since 2000.
01:04
Then my gdp zero was $125 billion.
01:12
My gdp grows at a constant rate, so that means that every year it grows by 1 plus t.
01:22
So this is going to be gdp of the prior year times 1 plus your growth rate.
01:31
So that means that this is equal to your gdp at zero times 1 plus r to the t.
01:46
And that means that my function is then the gdp.
01:52
Let's see here at 9, so here t is 9, here t was zero...