The U.S. trade deficit at the beginning of 2005 was \(\$ 475,000,000\) . If the wealthiest 1.00\(\%\) of the U.S. population \((297,000,000)\) contributed an equal amount of money to bring the trade deficit to \(\$ 0,\) how many dollars would each person contribute? If one of these people were to pay his or her share in nickels only, how many nickels are needed? Another person contribute? If one of these people were to pay his or her share in nickels only, how many nickels are needed? Another person living abroad at the time decides to pay in pounds sterling (f). How many pounds sterling does this person contribute (assume a conversion rate of \(1 \mathrm{f}=\$ 1.869\) )?

First, we calculate the number of wealthy contributors: \(Number\: of\: wealthy\: contributors = 297{,}000{,}000 * 1.00\% = 2{,}970{,}000 \) Next, we find the contribution of each wealthy person: \(Contribution\: per\: person = \frac{475{,}000{,}000}{2{,}970{,}000} \approx \$159{,}932.32 \) We then calculate the number of nickels needed for the contribution: \(Number\: of\: nickels = \frac{159{,}932.32}{0.05} = 3{,}198{,}646 \) Finally, we convert the contribution in dollars to pounds sterling: \(Pounds\: Sterling\: Contribution = \frac{159{,}932.32}{1.869} \approx 85{,}543.01 \) So, each person would contribute approximately $159,932.32, which is equivalent to 3,198,646 nickels or £85,543.01 pounds sterling.