Consider the following data on U. S. GDP: YearNominal GDP (Billions of dollars)GDP Deflator (Base year 2009)
201517,947109.8
19957,66475.3
The growth rate of nominal GDP between 1995 and 2015 was , and the growth rate of the GDP deflator between 1995 and 2015 was .

Measured in 2009 prices, real GDP was billion in 1995 and billion in 2015.

The growth rate of real GDP between 1995 and 2015 was .

The growth rate of nominal GDP between 1995 and 2015 was than the growth rate of real GDP.

The growth rate of nominal GDP between 1995 and 2015 was 4.35%

Growth rate over a period is calculated as;

= 100 * (((Current variable/initial variable)^1/n) - 1)

= 100 * (((17,947 / 7,664) ^1/20) -1)

= 4.35%

Growth rate of the GDP deflator between 1995 and 2015 was 1.90%.

=  100 * (((109.8/75.3)^1/20) -1)

= 1.90%

Measured in 2009 prices, real GDP was $ 10,177.95 billion in 1995 and $ 16,345.17 billion in 2015.

Real GDP = (Nominal GDP / GDP Deflator) * 100

1995 = (7,664/75.3) * 100

= $ 10,177.95

2015 = (17,947/109.8) * 100

= $ 16,345.17

The growth rate of real GDP between 1995 and 2015 was 2.397% .

= 100 x (((16,345.17 / 10,177.95)^1/20) -1)

= 2.397%

The growth rate of nominal GDP between 1995 and 2015 was more than the growth rate of real GDP.

Nominal GDP growth was 4.35% whilst Real GDP was 2.397%.

im confused need to go into details plz thx

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