The total U.S. personal income I (in billions of dollars) from 1960 and projected to 2024 can be approximated by I = 533.6(1.065)t where t is the number of years past 1960.† (a) What t-values correspond to the years 1995, 2012, and 2024? 1995 corresponds to the t-value = yr 2012 corresponds to the t-value = yr 2024 corresponds to the t-value = yr (b) What does the formula estimate the total U.S. personal income (in billions of dollars) to be for 1995, 2012, and 2024? (Round your answers to the nearest billion.) for 1995, I = $ billion for 2012, I = $ billion for 2024, I = $ billion
The total U.S. personal income I (in billions of dollars) from 1960 and projected to 2024 can be approximated by I = 533.6(1.065)t where t is the number of years past 1960.† (a) What t-values correspond to the years 1995, 2012, and 2024? 1995 corresponds to the t-value = yr 2012 corresponds to the t-value = yr 2024 corresponds to the t-value = yr (b) What does the formula estimate the total U.S. personal income (in billions of dollars) to be for 1995, 2012, and 2024? (Round your answers to the nearest billion.) for 1995, I = $ billion for 2012, I = $ billion for 2024, I = $ billion
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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The total U.S. personal income I (in billions of dollars) from 1960 and projected to 2024 can be approximated by
I = 533.6(1.065)t
where t is the number of years past 1960.†
(a) What t-values correspond to the years 1995, 2012, and 2024?
(b) What does the formula estimate the total U.S. personal income (in billions of dollars) to be for 1995, 2012, and 2024? (Round your answers to the nearest billion.)
(c) The U.S. total personal income given by the U.S. Bureau of Labor Statistics for 2018 is $19,129.6 billion. What does the formula estimate it to be in 2018? (Round your answer to the nearest billion.)
| 1995 corresponds to the t-value | = | yr | |
| 2012 corresponds to the t-value | = | yr | |
| 2024 corresponds to the t-value | = | yr |
(b) What does the formula estimate the total U.S. personal income (in billions of dollars) to be for 1995, 2012, and 2024? (Round your answers to the nearest billion.)
| for 1995, I | = | $ | billion |
| for 2012, I | = | $ | billion |
| for 2024, I | = | $ | billion |
(c) The U.S. total personal income given by the U.S. Bureau of Labor Statistics for 2018 is $19,129.6 billion. What does the formula estimate it to be in 2018? (Round your answer to the nearest billion.)
I = $ billion
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