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For more on marking an answer as the "Best Answer", please visit our FAQ.Actually only about 20% of countries use 60Hz (including the US) which by no means can be called 'most'.
http://www.school-for-champions.com/science/ac_world_volt_freq.htm
Kempie, I don't understand where you're coming from. Using your figures the voltage varies from +339 to -339 giving a voltage swing of 678V. How can this be?
Additionally, there is no -ve value swing in our supply it is from +240v to zero and back. If this weren't the case then both supply wires would swing both +ve and -ve alternately. As you know, the cables are termed live and neutral therefore only one has the voltage swing. Surely you're not suggesting that 1 supply cable has 678V at peak?
Tim Baxter - read the section 'Mathematics of AC voltages' in my previous link and this explains the principle perfectly. Otherwise try this link
A sinusoidal wave of min. 0 V and max. +339 V as you describe would have the effect of a fluctuating direct current.
As BillyBB stated the hint to ac is in the name; the current alternates in its direction of flow. A flow in one direction gives a positive voltage and likewise a flow in the opposite direction gives a negative voltage.
It's all very well to quote from an encyclopaedia about the characteristics of a.c. but in the real world one of our supply lines is tied to earth. Because of this one of that line cannot have any p.d. ('cos it's shorted to earth) w.r.t. earth, therefore no voltage variation.
If you look at overhead domestic power lines you will see 4 of them, 3 individual phases @ 240V each (w.r.t. earth) and one earth/neutral. Each of these 3 phases is fed to individual houses in strict rotation giving each house a supply of 240V (max w.r.t. earth).
Are you sure that you're not confusing the UK with the US system which does have a 2 phase domestic supply which will give a negative going voltage?
kempie is right to be stubborn.
Alternative current works just like the way they taught you at school. Not in another way.
The reason why it's called 240V is because 240 is the averaged value of the voltage squared. And that is consistent with the fact that it is a sin wave oscillating between +339 and -339 .