Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The current US national debt is $28.9 trillion. In 2020, the total tax revenue collected by the US government from individual income tax returns was

The current US national debt is $28.9 trillion. In 2020, the total tax revenue collected by the US government from individual income tax returns was $1.6 trillion. Determine N, the number of years it would take to pay off the current national debt if all of the tax revenue from personal income tax returns is applied to the debt each year. Assume that the interest on the debt is 2.1% and that the annual revenue from individual income tax returns remains constant. Note that because individual income tax comprises 47% of the total federal revenue, it would not be realistic to apply all of it the debt as these funds are used primarily for other purposes. The answer is an integer. You must enter the exact answer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Trading Systems Theory And Immediate Practice

Authors: Renato Di Lorenzo

1st Edition

8847027055,8847027063

More Books

Students also viewed these Finance questions