00:01
In this problem, we have been given a table, and we need to find the average annual growth rate of the gdp of the country from 2002 to 2005.
00:09
So first of all, let us find the annual growth rates for the years for each year from 2002 to 2005.
00:16
So for that, recall that the annual growth rate will be given by the ending value divided by the beginning value minus 1.
00:26
And if we want to express that as a percentage, we're just going to multiply this by 100.
00:30
And tag on the percentage sign.
00:33
So using that formula for 2002 to 2003, what is our growth rate? so the ending value is the value in 2003, so that's 89 .41.
00:45
We divide this by the beginning value, which is the value in 2002, that's 87 .45.
00:51
We subtract 1, we multiply 100, and we tag on the percentage sign.
00:58
Doing that, we'll see that this is approximately equal to 2 ,000.
01:00
2 .24%.
01:03
So let's consider the next year from 2003 to 2004.
01:08
So we have the ending value, the value in 2004, that's 95 .09 divided by the beginning value, the value in 2003, that's 89 .41.
01:19
We subtract one from this, we multiply it by 100, and we tag on the percentage sign, and we'll see that this is approximately equal to 6 .35%...