P = 500 billion, A = 2700 billion, t = 23 years
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- A ≈ 120 × 1.139 = <<120*1.139=136.68>>136.68
- #### 136.68
- A science journalist graphs the rise in global research funding: from $500 billion in 2000 to $2.7 trillion in 2023. What is the geometric mean annual growth rate over this period?
- A = P(1 + r)^23 → 2700 = 500(1 + r)^23
- 1 + r = 5.4^(1/23) ≈ 5.4^0.04348 ≈ 1.0687
- r ≈ 0.0687 = <<0.0687*100=6.87>>6.87%
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