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pychu [463]
3 years ago
6

What is a price ceiling?why would a price ceiling be put at good service

Business
2 answers:
Anestetic [448]3 years ago
8 0

Answer:

to keep the goods from becoming too expensive

Explanation:

Misha Larkins [42]3 years ago
5 0
A price ceiling is when a government decides what the maximum price for a certain commodity or a product can be. It can be put to good use if the people are poor and cannot purchase a necessary product such as flour or water or similar. Then the government can help them procure it with a price ceiling.
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To solve this problem, we first make a chart that shows the spending pattern of $90 million over 23 years.



$90 million at 11% = [math]\frac{90 \times 1.11^{23}}{100}=903.478[/math]. The future worth at the end of the 23-year is approximately $903,478.



Since the problem does not provide a standard amount of time that people usually use to measure interest rates, we can infer that this rate should be 10% per year.



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$90 million at 10% = [math]\frac{90 \times 1.10^{23}}{100}=897.507[/math]. The future worth at the end of the 23-year is approximately $897,507.



Since the total amount that was spent on development over a period of 23 years is $90 million and the answer in our problem has to be in millions, we have to adjust the amount.



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