http://www.bls.gov/data/inflation_calculator.htm (Just in case if needed) Rememb
ID: 3031450 • Letter: H
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http://www.bls.gov/data/inflation_calculator.htm (Just in case if needed)
Remember to and identify your sources. According to the United States Department of Treasury, the national debt [also known as gross government debt] on January 1^st, 2013 was dollar 16, 432, 730, 050, 569.12 almost equal to dollar 16.5 trillion. Calculate, to the nearest thousand, the average share of the debt for each person in United States in 2013. By some estimates, this debt increases at an average of just dollar 2.5 billion per day. Estimate the total increase in the debt for one year, to the nearest billion. Use the web to find the current national debt of the United States and check if the value supports the claim in (B); then update the average per capita share of the debt. Use the web to find Greece's current national debt, and the average share of the debt for each person. Find a country whose current national debt per capita is less than dollar 19,000.Explanation / Answer
The population of USA in 2013 was 316.5 million. The US national debt in 2013 was $ 16.5 trillion = 16.5*1000*1000 million = $ 16500000 million.Thus, the average share of debt for each person in United States in 2013 was $ 16500000/ 316.5 = $ 52132.70 or $ 52000 ( on rounding off to the nearest thousand). There were 365 days in the year 2014( it was not a leap year). Thus, the increase in national debt of USA in the year 2014 was 365* $ 2.5 billion = $ 912.5 billion. As per the information available on the web, the current US national debt is $ 19.7 trillion. The current US population is 318.9 million. Then, the average current US national debt per person is 19.7 *1000*1000/318.9 = $ 61774.85 or, $ 62000 ( on roundind off to the nearest thousand). As per the information available on the web, the current national debt of Greece is $ 406494.6 trillion. The current population of Greece is 11.03 million. Thus the average share of national debt per person in Greece is $ (406494.6)*1000*1000/11.03 = $ 36853.54 million. China’s current per capita national debt is $ 1195 which is much less than $ 19000. This amount for Norway is $ 12 and $ 46 for India.
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