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Solve the Problem. -Suppose That the Federal Debt Increases at an Annual Rate

Question 218

Multiple Choice

Solve the problem.
-Suppose that the federal debt increases at an annual rate of 3% per year. Use the compound interest formula to determine the size of the debt in 20 years. Assume that the current size of the debt is $17
Trillion.


A) $32.3 trillion
B) $30.7 trillion
C) $28.8 trillion
D) $36.4 trillion

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