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As of this moment, the Philippines owes Php 12.89 trillion in debt. The national government collects 3 trillion pesos annually, of which 611 billion pesos
As of this moment, the Philippines owes Php 12.89 trillion in debt. The national government collects 3 trillion pesos annually, of which 611 billion pesos go toward debt repayment. (a) Find out how long it will take the government to pay off its debt at a 1% interest rate. (b) If there are 45.63 million employed people in the nation, calculate how much each employed worker pays annually. For (a), the answer must be expressed in years and months For (b), the answer must be rounded-off to three decimal places
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