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11 November, 15:46

A government collects $700 billion annually in tax revenue. Each year it allocates $130 billion to interest payments that it must pay on its accumulated debt. What percentage of annual tax revenue is allocated to make these interest payments

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  1. 11 November, 16:08
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    18.57%

    Explanation:

    Given that

    Government collection annually in tax revenue = $700 billion

    Interest payment each year = $130 billion

    By considering the above information, the percentage would be

    = (Interest payment each year) : (Government collection annually in tax revenue) * 100

    = ($130 billion : $700 billion) * 100

    = 18.57%

    We simply divide the each year interest payment by the government collection on annually basis so that the percentage could come
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