3. Use the table to answer the following questions.

Year Real GDP (Billions of 2000 Dollars)

1993 $7,113

1994 7,101

1995 7,337

1996 7,533

1997 7,836

i. Calculate the growth rate of real GDP for each year from 1994 to 1997.

ii. Calculate the average annual growth rate of real GDP for the period from 1994 to 1997.

iii. How does the average annual growth rate you calculated in (ii) above compare to the average growth rate the U.S. normally expects?

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