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)
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%
WHAT 6 TIMES 9
To find out how quickly the total income of the entire population was rising in 1997, we need to calculate the total income and its rate of increase.
First, let's find the total income in 1997. We know that the population was 10 million and the average annual income per person was $16,000. So, the total income in 1997 can be calculated by multiplying the population by the average income per person:
Total income in 1997 = Population in 1997 * Average income per person
Total income in 1997 = 10,000,000 * $16,000
Next, let's calculate the rate of increase of the total income. We know that the average annual income per person was increasing at a rate of $800 per year. Since the population is not changing, the rate at which the total income is increasing is the same as the rate of increase of the average annual income per person:
Rate of increase of total income in 1997 = Rate of increase of average income per person
Rate of increase of total income in 1997 = $800
Therefore, the total income of the entire population was rising at a rate of $800 per year in 1997.