According to okun’s law, how much output (real gdp) was lost in 2009 when the nation’s unemployment rate increased from 5.8 percent to 9.3 percent? (real gdp in 2009 was $14,419 billion).

Decline in GDP = $1009.3 billion

Explanation:

Okun's law shows us the relationship between a nation's unemployment rate and its level of output or real GDP.

According to the Okun's law,

Therefore, a 7% decline in GDP as compared to the level in 2009 means,

= 1009.33 billion or 1009.3 billion

Thus, GDP declined by $1009.3 billion.

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

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explanation: