Gce Model Questions Vol1 2019 Civic Education Question 22
Practice objective / multiple choice question 22 from the 2019 Gce Model Questions Vol1 Civic Education examination.
The country's GDP this year is ₦5 trillion and the government currently spends \(4\%\) of GDP on education. UNESCO recommends spending at least \(6\%\) of GDP on education. The government plans to increase education spending by \(5\%\) per year, while GDP is expected to grow by \(3\%\) per year. Assuming both growth rates are compounded annually, after how many full years will the proportion of education spending reach or exceed the recommended \(6\%\) of GDP? Give the smallest integer number of years.
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About This Question
This is Gce Model Questions Vol1 2019 Civic Education Question 22. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Civic Education examination.
Difficulty level: Medium .
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