In the CIA World Factbook, GDP per capita in the United States in 2010 was approximately $47,400. The formula for growth for any given year, yt , is yt = y0( 1 + g y )^ t , where y 0 is the value of GDP in the beginning year, y t is the value of GDP for the specific year in question, g y is the growth rate, and t is the number of years after y 0 . Suppose y 0 is GDP per capita in 2010 and the economy continues to grow at approximately 3% as it did in 2010.

What is 1+y under these circumstances?

(1+y)=

What is (1+y)^t when t is 10 years?

(1+y)^t=

What will be the value of GDP per capita in 10 years? Round your answer to the nearest dollar.

GDP per capita, 2020 per person=$