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Calculating Real GDP!!! Help Please. Posted by Bibhuti Bhushan

In 2005 a country's nominal GDP was R500 Billion and in 2006 it was R600 Billion. If the inflation rate was 17% in 2006, what is the approximate value of the country's real GDP in 2006 ( measured in 2005 prices)?

1- R 513 billion
2 -R 498 billion
3 -R 587 billion
4 -R 600 billion

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