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Chapter 5: Q. 56 (page 325)

Per Capita Federal DebtIn 2011, the federal debt was about $14 trillion. In 2011, the U.S. population was about 311 million. Assuming that the federal debt is increasing about 7.8% per year and the U.S. population is increasing about 0.9% per year, determine the per capita debt (total debt divided by population) in 2020.

Short Answer

Expert verified

Per capita debt in 2020 will be $81,642.

Step by step solution

01

Step 1. Given Information

In 2011, the federal debt was about $14 trillion. In 2011, the U.S. population was about

311 million. Assuming that the federal debt is increasing about 7.8% per year and the U.S. population is increasing about 0.9% per year.

The problem asks to per capita debt in 2020.

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