Problema Solution
As of October 2009, the united States federal debt was $11,963,668,027,500. Of each of the 307,000,000 people in the United States paid an extra $1,000 in taxes each year, how many years would it take to pay off this debt?
Answer provided by our tutors
Let 'x' represent the number of years needed to pay off the debt then:
307,000,000*1,000*x = 11,963,668,027,500
x = 11,963,668,027,500/(307,000,000*1,000)
x = 38.97 years
x = 4 years approximately
It would take 4 years to pay off the debt assuming the debt is fixed.