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Consider an economy that ended up with GDP of $10 trillion at the end of the fiscal year. Government spending is G = 0. Taxes

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Consider an economy that ended up with GDP of $10 trillion at the end of the fiscal year. Government spending is G = 0. Taxes are 2.4% of GDP. If the outstanding government debt at the beginning of the year was $8 trillion and the interest on the debt is 2.4%, what is the debt to GDP ratio for this economy at the end of the year

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