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

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ISBN:9781938168383
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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?
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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