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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
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.)
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