OH= 57.370 x 1.010 O H = 52.587 x 1.035 (c) What was the yearly percentage growth rate in median family income during this period? (Use the model found in part (b). Round your answer to one decimal place.) X % (d) From 2003 through 2008. inflation was about 3% per vear, Did median family income keep pace with inflation during this period?
OH= 57.370 x 1.010 O H = 52.587 x 1.035 (c) What was the yearly percentage growth rate in median family income during this period? (Use the model found in part (b). Round your answer to one decimal place.) X % (d) From 2003 through 2008. inflation was about 3% per vear, Did median family income keep pace with inflation during this period?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
PART C ONLY
Transcribed Image Text:For this exercise, round all regression parameters to three decimal places.
The following table shows the median income, in thousands of dollars, of American families for 2003 through 2008.
Year
Income (thousands of dollars)
2003
52.68
2004
54.06
2005
56.19
2006
58.41
2007
61.36
2008
61.52
(a) Plot the data.
H
H
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Bb 42823707 * Mind Tap - Cengage.
56
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(b) Use exponential regression to construct an exponential model for the income data. (Let t be years since 2003 and H be the median household income in thousand of dollars.)
OH- 49.035 x 1.245t
OH = 71.932 x 0.856t
OH = 62.520 x 0.967t
OH = 57.370 x 1.010
O H = 52.587 x 1.035
(c) What was the yearly percentage growth rate in median family income during this period? (Use the model found in part (b). Round your answer to one decimal place.)
X %
(d) From 2003 through 2008, inflation was about 3% per year. Did median family income keep pace with inflation during this period?
O Yes
O No
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