) Research the financial crisis in Greece and summarize it in one-two paragraphs. Note: Paragraphs consists of three complete sentences. This is an academic assignment where you need to use proper grammar (i.e., capitalization, punctuation, and no abbreviations
I already wrote my paragraph can you help with my math calculations
b) You are in charge. By what percentage will you tell Greece to cut their spending? What is the decay factor? b= 0.965******
c) Write a function modeling this debt situation if the initial debt in 2009 was $500 billion and using the decay factor you chose in (b). Let y be measured in billions of dollar and x represent the number of years since 2009.
y= 500⋅(0.965)x ====
d) When will Greece be debt-free if you are in charge? Should you reconsider your answer to (b)? y=$465.6125 billion***
Are my answers correct?
No
Regarding your math calculations:
b) To determine the percentage by which Greece should cut their spending, you would subtract the decay factor from 1 and multiply the result by 100 to express it as a percentage. In this case, the decay factor given is 0.965, so the percentage cut would be (1 - 0.965) * 100 = 3.5%.
c) The function you wrote to model the debt situation is correct. It represents the initial debt of $500 billion decreasing over time with the chosen decay factor. The formula is y = 500 * (0.965)^x, where y is measured in billions of dollars and x represents the number of years since 2009.
d) To find when Greece will be debt-free, you would set the value of y (the debt) equal to zero in the equation and solve for x. However, you mentioned that the debt becomes $465.6125 billion, so Greece will not be entirely debt-free in this scenario. Therefore, it might be necessary to reconsider the answer you provided in (b) and consider adjusting the fiscal measures to achieve a debt-free status.