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Q1. The equations R = 0.523(1.068)x and S = 0.664(1.055)x can be used to approximate the annual receipts R and spending S of a firm in trillions of dollars for the past two decades. The value x = 0 corresponds to the year 1980. Use these equations to predict the budget surplus in the year 2007.

 Apr 27, 2017
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Starting with 1980 being year 0, 2007 will be year 27 (because 2007 - 1980 = 27).

Surplus is found by subtacting spending (S) from receipts (R).

 

You need to use a calculator to find these two values:  

               R  =  0.523(1.068)27         and        S  =  0.664(1.055)27

and subtract the value for S from the value for R.

 Apr 28, 2017

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