Explain how the correct answer is solved

Drivers of GDP (Calculated). Question: Calculate nominal GDP growth from time 0 to time 1 based on the assumptions below. How to enter answer: Enter your answer in THREE decimals as follows. If your growth rate is 5.1%, then enter 0.051. Hints: Remember, nominal GDP growth is (1+ real GDP growth (1+ inflation rate) - 1. Recall how we did an example in Excel like this in class. Assumptions: Population at time 0=337.0 million. Population at time 1=338.3 million. Working age/population at time 0=0.790 and at time 1=0.795 Participation rate at time 0=0.620 (this is the same as 62.0% ) and at time 1 =0.631 Unemployment rate time 0=0.036 (this is the same as 3.6% ) and at time 1= 0.046 Hours growth rate =1.0% Productivity growth rate =0.0% Inflation growth rate =5.0% Drivers of GDP (Calculated). Question: Calculate nominal GDP growth from time 0 to time 1 based on the assumptions below. How to enter answer: Enter your answer in THREE decimals as follows. If your growth rate is 5.1%, then enter 0.051. Hints: Remember, nominal GDP growth is (1+ real GDP growth (1+ inflation rate) - 1. Recall how we did an example in Excel like this in class. Assumptions: Population at time 0=337.0 million. Population at time 1=338.3 million. Working age/population at time 0=0.790 and at time 1=0.795 Participation rate at time 0=0.620 (this is the same as 62.0% ) and at time 1 =0.631 Unemployment rate time 0=0.036 (this is the same as 3.6% ) and at time 1= 0.046 Hours growth rate =1.0% Productivity growth rate =0.0% Inflation growth rate =5.0%