Table 1 Federal Government receipts and expenditures and nom…
Table 1 Federal Government receipts and expenditures and nominal GDP, billions of dollars. 1967 1978 1984 1999 2009 2018 Tax receipts 108 280 410 1175 1124 1956 Other receipts 38 144 302 732 1116 1542 Government purchases and subsidies 92 173 317 501 993 1121 Government transfer payments 52 234 397 986 2141 2846 Interest payments 22 79 194 352 355 541 Net government investment 9 5 25 -3 49 4 Nominal GDP 860 2,352 4,339 9,631 14,449 20,580 Source: Bureau of Economic Analysis Assume the table above represents all federal government revenues and expenditures. Refer to table 1. Suppose the government has promised to pay $100 billion dollars in benefits 10 years from now. Assuming an interest rate of 5%, what is the present discounted value (PDV) of the obligation? Answer in billions of dollars, rounded to two decimal places. (i.e. enter 3.13 as the answer for 3.13 billion). Do not enter a ‘$’ sign.