Suppose that average incomes today were $53,468 and are expected to grow at 2.9% each year for the next 86 years. The president is considering a policy which would increase the growth rate to 4.8%. How much higher would the average income be in 86 years if this policy is enacted? Round your final answer to two decimal places.

Suppose that average incomes today were $53,468 and are expected to grow at 2.9% each year for the next 86 years. The president is considering a policy which would increase the growth rate to 4.8%. How much higher would the average income be in 86 years if this policy is enacted? Round your final answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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