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Suppose that U.S. debt is $14 trillion at the beginning of the fiscal year. During this fiscal year, spending and transfers add up to $5 trillion, and all receipts add up to $4.2 trillion. At the end of the fiscal year, the debt is:

a. $0.8 trillion

b. $14 trillion

c. $5 trillion

d. $14.8 trillion

Answer :

Final answer:

The debt at the end of the fiscal year is $14.8 trillion.

Explanation:

To calculate the U.S. debt at the end of the fiscal year, we need to consider the initial debt, spending and transfers, and all receipts.

Given:

  • Initial debt: $14 trillion
  • Spending and transfers: $5 trillion
  • All receipts: $4.2 trillion

To find the debt at the end of the fiscal year, we need to subtract the total receipts from the initial debt and add the spending and transfers:

Debt at the end of the fiscal year = Initial debt + Spending and transfers - All receipts

Debt at the end of the fiscal year = $14 trillion + $5 trillion - $4.2 trillion

Debt at the end of the fiscal year = $14 trillion + $0.8 trillion

Therefore, the debt at the end of the fiscal year is $14.8 trillion.

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