Chapter 4.4, Problem 10E

Special Rounding Instructions For this exercise set, round all regression parameters to three decimal places, but round all other answers to two decimal places unless otherwise indicated.

Household Income The following table shows the median income, in thousands of dollars, of American families for $2003$ through $2008$.

Year	Income(thousands of dollars)
$2003$	$52.68$
$2004$	$54.06$
$2005$	$56.19$
$2006$	$58.41$
$2007$	$61.36$
$2008$	$61.52$

a. Plot the data.

b. Use exponential regression to construct an exponential model for the income data.

c. What was the yearly percentage growth rate in median family income during this period?

d. From $2003$ through $2008$, inflation was about $3\%$ per year. Did median family income keep pace with inflation during this period?