Answer
Growth rate of real GDP: $4\%$
Growth rate of real GDP per capita: $1.96\%$
Work Step by Step
The growth rate of its real GDP is equal to the change in GDP over the initial.
So the growth rate of its real GDP is $\frac{\$31,200 - \$30,000}{\$30,000}= 4\%$
The real GDP per capita is equal to the real GDP per capita divided by the population, so the real GDP per capita in year 1 was
$\frac{\$30,000}{100}=\$300$,
while in year 2, it was
$\frac{31,200}{102}\approx \$305.88$
.
To find the growth rate, we divide the change in real GDP per capita by the initial.
So,
$\frac{\$305.88 - \$300}{\$300} = 1.96\%$.
