In 2012, the U.S. national debt was $16.7 trillion. If the national debt grows by an...

In 2012, the U.S. national debt was $16.7 trillion. If the national debt grows by an average of 2.6% per year; how long will it take the national debt to double?

Group of answer choices

3.5 years

10 years

23.3 years

26.9 years

Solutions

Expert Solution

National Debt in 2012 = ND0 = $16.7trillion

The average national debt growth rate (in percent per year) = 2.6

The number of years required to double the national debt = 70/average national debt growth rate (in percent per year)

=70/2.6

=26.9

Hence, the correct answer is 26.9 years

Rahul Sunny answered 1 year ago

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