An estimated 150,000 people attended the Coconut Grove art festival over a 3-day period. Admission to the event is $10 per person. In addition, suppose that each person spends an average of $100 on art, drinks, and food. a. How much money is initially infused into the local economy during the festival for admission, art, drinks, and food. b. If the money is later respent in the community over and over again at a rate of 70%, determine the total amount spent. Assume that the money is respent an infinite number of times.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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An estimated 150,000 people attended the Coconut Grove art festival over a 3-day period. Admission to the event is $10 per person. In addition, suppose that each person spends an average of $100 on art, drinks, and food.

a. How much money is initially infused into the local economy during the festival for admission, art, drinks, and food.

b. If the money is later respent in the community over and over again at a rate of 70%, determine the total amount spent. Assume that the money is respent an infinite number of times.

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