Federal receipts. In 2011, U.S. federal receipts (money taken in) totaled $2.30 trillion. In 2013, total federal receipts were $2.77 trillion. ( Source : usgovernmentrevenue.com.) Assume that the growth of total federal receipts, F , can be modeled by an exponential function and use 2011 as the base year ( t = 0 ) . a. Find the growth rate k to six decimal places, and write the exponential function F ( t ) , for total receipts in trillions of dollars. b. Estimate total federal receipts in 2015. c. When will total federal receipts be $10 trillion?
Federal receipts. In 2011, U.S. federal receipts (money taken in) totaled $2.30 trillion. In 2013, total federal receipts were $2.77 trillion. ( Source : usgovernmentrevenue.com.) Assume that the growth of total federal receipts, F , can be modeled by an exponential function and use 2011 as the base year ( t = 0 ) . a. Find the growth rate k to six decimal places, and write the exponential function F ( t ) , for total receipts in trillions of dollars. b. Estimate total federal receipts in 2015. c. When will total federal receipts be $10 trillion?
Solution Summary: The author calculates the exponential growth rate k up to 6 decimal places and exponential function F(t) that give the federal receipts in the US t years after 2011.
Federal receipts. In 2011, U.S. federal receipts (money taken in) totaled $2.30 trillion. In 2013, total federal receipts were $2.77 trillion. (Source: usgovernmentrevenue.com.) Assume that the growth of total federal receipts, F, can be modeled by an exponential function and use 2011 as the base year
(
t
=
0
)
.
a. Find the growth rate k to six decimal places, and write the exponential function
F
(
t
)
, for total receipts in trillions of dollars.
b. Estimate total federal receipts in 2015.
c. When will total federal receipts be $10 trillion?
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