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Section 1.5 Lesson
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Section 1.5- Problem Solvi...
FAI
Imagine that, through some political or economic miracle, the gross debt stopped rising. To retire the gross debt, the government decided to have a national lottery.
Suppose that every U.S. citizen bought a $1 lottery ticket every week, thereby generating about $315 million in weekly lottery revenue. Because lotteries typically use
half their revenue for prizes and lottery operations, assume that $160 million would go toward debt reduction each week. How long would it take to retire the debt
through this lottery?