Use the formula for the sum of an infinite geometric series to solve:A new factory in a small town has an annual payroll of $6 million.It is expected that 60% of this money will be spent in the town by factory personnel. The people in the town who receive this money are expected to spend 60% of what they receive in the town, and so on. What is the total of all this spending, called the total economic impact of the factory, on the town each year?
Use the formula for the sum of an infinite geometric series to solve:A new factory in a small town has an annual payroll of $6 million.It is expected that 60% of this money will be spent in the town by factory personnel. The people in the town who receive this money are expected to spend 60% of what they receive in the town, and so on. What is the total of all this spending, called the total economic impact of the factory, on the town each year?
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 23RE: Use the formula for the sum of the first ii terms of an arithmetic series to find the sum of the...
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Use the formula for the sum of an infinite geometric series to solve:A new factory in a small town has an annual payroll of $6 million.It is expected that 60% of this money will be spent in the town by factory personnel. The people in the town who receive this money are expected to spend 60% of what they receive in the town, and so on. What is the total of all this spending, called the total economic impact of the factory, on the town each year?
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