In the year 2000, the total amount of consumer loans in the United States topped $550 billion dollars. According to the Archival Federal Reserve EconomicData report, the total amount of consumer loans for the United States can be approximated by the functionL(t) = 0.286t²-3.669t+24.475where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount ofconsumer loans in the United States in 2020.O a. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 11.69 billion dollars.Ob. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 30.65 billion dollars.Oc. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 34.32 billion dollars.Od. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 36.37 billion dollars.

Instantaneous rate of change is used to describe the rate at which a quantity is changing at a…

where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount of consumer loans in the United States in 2020.

where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount of consumer loans in the United States in 2020.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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