The population of a country is 10 million in 1997 and increasing at a rate of 0.6 million per year. The average annual income of a person during 1997 was 16000 dollars per year and increasing at a rate of 800 dollars per year.
How quickly was the total income of the entire population rising in 1997?
(dollars per year)
2 answers
It increased from 10.0 million x 16 thousand (which is 160 billion) to 10.6 million x 16,800 (178.1 billion). That is an increase rate of 11.3%
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