Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Imagine that, through some political or economic miracle, the gross debt stopped rising after 2017 and remained at $20 trillion. To retire the gross debt,
Imagine that, through some political or economic miracle, the gross debt stopped rising after 2017 and remained at $20 trillion. To retire the gross debt, the government decided to have a national lottery. Suppose that every U.S. citizen bought a $1 lottery ticket every week, thereby generating about $325 million in weekly lottery revenue. Because lotteries typically use half their revenue for prizes and lottery operations, assume that $163 million would go toward debt reduction each week. How long would it take to retire the debt through this lottery
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started