Counterfeit Money Circulation Suppose that $500,000 of

Chapter , Problem 8.3.82

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Counterfeit Money Circulation Suppose that $500,000 of counterfeit money is currently in circulation and that each time the counterfeit money is used, 40% of it is detected and removed from circulation. How much counterfeit money, to the nearest thousand dollars, is used in transactions before all of it is removed from circulation? This problem represents another application of the multiplier effect. (See pages 622623.)

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