Assume an economy where there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $3 per bushel, and 5 million bushels are stored by the wheat producer to use as seed for next year's crop. The bread producer produces and sells 100 million loaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this year using the product and expenditure approaches.
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