Concept explainers
In the following exercises, find the exponential model as follows: If you do not have suitable technology, use the first and last data points to find a function. (See Examples 3 and 4.) If you have a graphing calculator or other suitable technology, use exponential regression to find a function. (See Example 4.)
Business The table shows outstanding consumer credit (in billions of dollars) at the beginning of various years. (Data from: U.S. Federal Reserve.)
Find the exponential model for these data, where
If this model remains accurate, what will the outstanding consumer credit be in 2020 and 2025?
What is the first full year where consumer credit exceeds $6500 billion?
Year | Credit |
1980 | 350 |
1985 | 524 |
1990 | 798 |
1995 | 1010 |
2000 | 1539 |
2005 | 2197 |
2010 | 2544 |
2015 | 330 |
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