Please do both questions as it is imperative for a thumbs up Suppose that average incomes today were $56,769 and are expected to grow at 3% each year forthe next 81 years. The president is considering a policy which would increase the growth rate to5%.How much higher would the average income be in 81 years if this policy is enacted?Round your final answer to two decimal places. Ami has decided to be cryogenically frozen at the time of her death so that she can be resurrectedonce medical science has advanced far enough to keep her alive. In preparation, Ami places$56,118 into an investment account which earns an 7.0% rate of return per year. To heramazement, she is one day brought back to life. "How long has it been?" she asks. "262 years" thestrangely dressed person replies.How much money is sitting in Ami's investment account?You are welcome to round to the nearest whole number. You need to be within $1 million of the correctanswer.

Average annual income = $56769 Expected annual growth rate = 3% Policy induced annual annual growth…

Suppose that average incomes today were $56,769 and are expected to grow at 3% each year for the next 81 years. The president is considering a policy which would increase the growth rate to 5%. How much higher would the average income be in 81 years if this policy is enacted? Round your final answer to two decimal places.

Suppose that average incomes today were $56,769 and are expected to grow at 3% each year for the next 81 years. The president is considering a policy which would increase the growth rate to 5%. How much higher would the average income be in 81 years if this policy is enacted? Round your final answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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