Table 12-25 -Refer to Table 12-25

question 166

Essay

Table 12-25
$$\begin{array} { | l | r | r | } \hline &{ \mathbf { 2 0 1 2 } } &{ \mathbf { 2 0 1 3 } } \\\hline \text { Nominal GDP } & \$ 10,000 & \$ 15,000 \\\hline \text { Real GDP } & 9,500 & 10,500 \\\hline\end{array}$$
-Refer to Table 12-25.Given the following information,calculate the rate of increase in the price level from 2012 to 2013.Use the percent change in the GDP deflator.

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Definitions:

Interest

The cost of borrowing money, calculated as a percentage of the amount borrowed.

Deposits

Money placed into a financial institution for safekeeping, which can earn interest over time.

Compounded Monthly

Interest calculation method where the accumulated interest is added to the principal amount every month, allowing the interest in the next month to be calculated on the increased total.

Interest

Interest is the charge for borrowing money, typically expressed as a percentage of the principal amount per year.