Suppose the

$27

trillion federal debt increases at an annual rate of

1%

per year. Use the compound interest formula to determine the size of the debt in

12

years and in

48

years. Assume the current size of the debt (the principal for the compound interest formula) is

$27

trillion.

Question content area bottom

Part 1

The debt after

12

years is projected to be

enter your response here

trillion dollars.

(Round to one decimal place as needed.)