The GDP of a country is $13.8 billion, and the total production of one of its industries is $3.3 billion. If the GDP were to grow by 5% per year in the future, which of the following would be the MINIMUM required annual growth in this industry that would it represent more than half of the GDP in ten years?
Choose the correct choice:
A) 10%
B) 15%
C) 20%
D) 25%
E) 35%
GDP in 10 years with this rate would be - 13.8 (1+0.05)^10   Half of the above value - 6.9 (1.05)^10   Industry's annual growth (say x is the rate of growth of the industry annually) = 3.3 (1+(x/100))^10   Now, the minimum of above value has to be greater than the half of the value of GDP.   3.3 (1+(x/100))^10 &gt; 6.9 (1.05)^10   ((1+(x/100))/1.05)^10 &gt; 2 (approx)   Minimum value of x to satisfy this equation is 15   Hence 15%
<result>B</result>
The GDP of a country is $13.8 billion, and the total production of one of its industries is $3.3 billion. If the GDP were to grow by 5% per year in the future, which of the following would be the MINIMUM required annual growth in this industry that would it represent more than half of the GDP in ten years?