(Round your answer in years to one decimal place.)

Question

In 2012 the GDP of Japan was about 5.97 trillion dollars. It is predicted to grow by about 2% each year. Use this prediction and a spreadsheet to determine how long it will take for the economy of Japan to double in size from its level in 2012. (Round your answer in years to one decimal place.)

Answer 1

Year, GDP (in trillion dollars),Percent of Growth,Amount after Grown at end of each year (in trillion dollars),Check if Initial Amount has Doubled,Number of Years Required,
2012,5.97,2.00,6.09,N,0.00,
2013,6.09,2.00,6.21,N,1.00,
2014,6.21,2.00,6.34,N,2.00,
2015,6.34,2.00,6.46,N,3.00,
2016,6.46,2.00,6.59,N,4.00,
2017,6.59,2.00,6.72,N,5.00,
2018,6.72,2.00,6.86,N,6.00,
2019,6.86,2.00,6.99,N,7.00,
2020,6.99,2.00,7.13,N,8.00,
2021,7.13,2.00,7.28,N,9.00,
2022,7.28,2.00,7.42,N,10.00,
2023,7.42,2.00,7.57,N,11.00,
2024,7.57,2.00,7.72,N,12.00,
2025,7.72,2.00,7.88,N,13.00,
2026,7.88,2.00,8.03,N,14.00,
2027,8.03,2.00,8.20,N,15.00,
2028,8.20,2.00,8.36,N,16.00,
2029,8.36,2.00,8.53,N,17.00,
2030,8.53,2.00,8.70,N,18.00,
2031,8.70,2.00,8.87,N,19.00,
2032,8.87,2.00,9.05,N,20.00,
2033,9.05,2.00,9.23,N,21.00,
2034,9.23,2.00,9.41,N,22.00,
2035,9.41,2.00,9.60,N,23.00,
2036,9.60,2.00,9.79,N,24.00,
2037,9.79,2.00,9.99,N,25.00,
2038,9.99,2.00,10.19,N,26.00,
2039,10.19,2.00,10.39,N,27.00,
2040,10.39,2.00,10.60,N,28.00,
2041,10.60,2.00,10.81,N,29.00,
2042,10.81,2.00,11.03,N,30.00,
2043,11.03,2.00,11.25,N,31.00,
2044,11.25,2.00,11.48,N,32.00,
2045,11.48,2.00,11.71,N,33.00,
2046,11.71,2.00,11.94,N,34.00,
2047,11.94,2.00,12.18,D,35.00,
Not Required,End of calculation,Stop calculation,End of Calculation,D,End of Calculation,
,,,,,,
Formuals,"A2 has manual input 2012, A3 onwards =IF(E2=""N"", SUM(A2,1), ""Not Required"")",,,,,
,"B2 has manual input 5.97, B3 onwards =IF( D2 > 11.94, ""End of calculation"", D2)",,,,,
,"C2 has manual input 2, C3 onwards =IF(E2=""N"", 2, ""Stop calculation"")",,,,,
,"D2 onwards =IF(C2=""Stop Calculation"",""End of Calculation"",PRODUCT(B2,SUM(1,(C2/100))))",,,,,
,"E2 onwards =IF( D2 > 11.94,""D"", ""N"")",,,,,
,"F2 onwards =IF(C2=""Stop Calculation"",""End of Calculation"",(A2-2012))",,,,,

Answer 2

GDP = initial GDP * 1.02^t

 

2 = 1.02^t

 

log 2 = t*log1.02

 

t = log 2 / log 1.02