Questions: Last year, real GDP per person in the imaginary nation of Olympus was 4,250. The year before, it was 4,100. By about what percentage did Olympian real GDP per person grow during the period? (A) 1.6 percent (B) 2.5 percent (C) 3.7 percent (D) 6 percent

Last year, real GDP per person in the imaginary nation of Olympus was 4,250. The year before, it was 4,100. By about what percentage did Olympian real GDP per person grow during the period?
(A) 1.6 percent
(B) 2.5 percent
(C) 3.7 percent
(D) 6 percent
Transcript text: Last year, real GDP per person in the imaginary nation of Olympus was 4,250. The year before, it was 4,100. By about what percentage did Olympian real GDP per person grow during the period? (A) 1.6 percent (B) 2.5 percent (C) 3.7 percent (D) 6 percent
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Solution

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The answer is (C): 3.7 percent.

To determine the percentage growth in real GDP per person, we can use the formula for percentage change:

\[ \text{Percentage Change} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100 \]

Plugging in the values from the question:

\[ \text{New Value} = 4250 \] \[ \text{Old Value} = 4100 \]

\[ \text{Percentage Change} = \left( \frac{4250 - 4100}{4100} \right) \times 100 \]

\[ \text{Percentage Change} = \left( \frac{150}{4100} \right) \times 100 \]

\[ \text{Percentage Change} = \left( 0.036585 \right) \times 100 \]

\[ \text{Percentage Change} \approx 3.6585 \% \]

Rounding to one decimal place, the percentage growth is approximately 3.7 percent.

Therefore, the correct answer is (C): 3.7 percent.

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