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How much each employed worker pays annually

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As of this moment, the Philippines owes Php 12.89 trillion in debt. The national government collects 3 trillion pesos annually, of which 611 billion pesos go toward debt repayment.

(a) Find out how long it will take the government to pay off its debt at a 1% interest rate.

(b) If there are 45.63 million employed people in the nation, calculate how much each employed worker pays annually.

Reference no: EM133269194

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