Calculating Real GDP Growth Rate
In year one, nominal GDP is $5,000 and real GDP is $4,500. In year two, nominal GDP is $5,500 and real GDP is $4,800. What is the growth rate of real GDP between year one and year two?
A
50%
B
1.5%
C
Approximately 7%
D
Approximately 107%
E
10%
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