Please explain in detail on how to solve:
In 2000, the U.S. government owed about $4.63 trillion to its creditors. The population of the US was282.4 million people. How much did the government owe per person in 2000? Round to the nearest dollar.
In 2005, the debt had grown to 7.91 trillion, with a population of 296.9 million. How much did the government owe per person? Round to the nearest dollar.
What was the percent increase in the average amount owed per person from 2000 to 2005?
Change to millions in both values.
1. 4,630,000/282.4 = ?
2. 7,910,000/296.9 = ?
3. (#2 - #1)/ #1 = ?
1. 4,630,000/282.4 = 16,395,18413597734
2. 7,910,000/296.9 = 26.641.96699225328
3. (#2 - #1)/ #1 = 1
To solve the first part of the question, we need to find out how much the U.S. government owed per person in 2000.
First, we divide the total debt in 2000 ($4.63 trillion) by the population in 2000 (282.4 million):
$4.63 trillion / 282.4 million = $16,377.60
This gives us the average amount owed per person in 2000, which is $16,377.60. However, we need to round it to the nearest dollar as instructed, so the answer is $16,378.
Now let's move on to the second part of the question.
To find out how much the government owed per person in 2005, we follow the same steps using the new values:
$7.91 trillion / 296.9 million = $26,617.07
Rounding to the nearest dollar, the average amount owed per person in 2005 is $26,617.
Finally, let's calculate the percent increase in the average amount owed per person from 2000 to 2005.
First, we find the difference between the average amounts owed per person in 2005 and 2000:
$26,617 - $16,378 = $10,239
To calculate the percent increase, we divide the difference by the starting value (average amount owed per person in 2000) and multiply by 100:
($10,239 / $16,378) * 100 ≈ 62.54
Therefore, the percent increase in the average amount owed per person from 2000 to 2005 is approximately 62.54%.