An organization estimated that in a particular year the population of a country spent $10.4 trillion in personal consumption. the major categories of these expenditures are durable goods ($1.7 trillion; for example, cars, furniture, recreational equipment), nondurable goods ($2.4 trillion; for example, food, clothing, fuel), and services ($6.2 trillion; for example, health care, education, transportation). what is the approximate annual per capita spending for personal consumption? assume a population of 310 million.

The approximate annual per capita spending for personal consumption is $30,145 person per year

Explanation:

The formula to compute the approximate annual per capita spending for personal consumption is shown below:

= Total amount which country has spent in a particular year ÷ Total population

Since the population amount is 310 million and the total amount spent is $10.4 trillion

So, we have to convert the million to trillion

So, the revised population would be

= 345 ÷ $1000,000 = 0.000345 trillion

Now put these values to the above formula

So, the answer would be equal to

= $10.4 trillion ÷ 0.000345 trillion

= $30,145 person per year