In february, the GDP of a country was reported to be $10,000,000. In march, the country's GDP had gown to 12,000,000. what is the rate of growth in GDP from february to march? round your answer to the nearest whole percent, if necessary.
a. 120%
b. 20%
c. 17%
d. 500%
The rate of growth in GDP can be calculated using the formula:
Rate of growth = ((new GDP - old GDP) / old GDP) * 100
Applying this formula to the given data:
Rate of growth = ((12,000,000 - 10,000,000) / 10,000,000) * 100
Rate of growth = (2,000,000 / 10,000,000) * 100
Rate of growth = 0.2 * 100
Rate of growth = 20
Therefore, the rate of growth in GDP from February to March is 20%. The correct answer is option b.